The U.S. stock market indexes have opened up between 0.1% and 0.3%, as investors hoped the debt-ceiling crisis wouldn’t affect the economy much. However, we are still in a short-term downtrend, as there are no confirmed reversal signals. The ISM Index announcement came in better than expected, which is positive for stocks. The S&P 500 index currently gains 0.3%, rebounding slightly from the level of around 1,680, marked by the 50% retracement of August-September rally at 1,678.67. The S&P 500 futures contract (CFD) continues to fluctuate near its recent downward trend line. The support remains at around 1,665, and the nearest resistance is at 1,685-1,690, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) extends its consolidation. The tech stocks sector is still relatively strong, as it remains near last week’s high. The resistance is at 3,230-3,240, and the support is at 3,200, marked by the recent lows. Still with no clear trend, as the 15-minute chart shows:

Thank you,
Paul Rejczak