The major U.S. stock market indexes closed up 0.4-0.8% today, breaking their recent losing streak, as investors hoped for the end of a short-term downward correction, neglecting debt-ceiling crisis and Federal Reserve possible tapering fears. The S&P 500 index remained slightly below the psychological level of 1,700, and above the level of support at 1,688.73-1,691.70, marked by the daily gap up. The S&P 500 futures contract (CFD) extends its short-term consolidation, fluctuating around the level of 1,690. The nearest important resistance is at 1,700. Volatility is relatively low, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) is near its recent high, as the technology stocks sector remains relatively strong. The nearest important resistance is at around 3,230-3,240, marked by last week’s topping consolidation. On the other hand, the support is at 3,200, as the 15-minute chart shows:

Thank you,
Paul Rejczak

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