The main U.S. stock market indexes lost 0.3-0.4% today, extending their recent downward correction. The S&P 500 index closed down 0.3%, dropping below the level of 1,700. However, the volatility remains relatively low, as investors hesitate to take big risks. The S&P 500 futures contract (CFD) is in a short-term downtrend, testing the support level at around 1,680-1,690, marked by the previous consolidation. On the other hand, the resistance is at 1,700, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) broke below the recent upward trend line, however, it moved sideways and crossed the line without a clear selling pressure. For now, it only looks like a running flat correction of the September uptrend. The resistance remains at around 3,230-3,240, marked by last week’s topping consolidation. The nearest important level of support is at 3,200, as the 15-minute chart shows:

Thank you,
Paul Rejczak

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