The major U.S. stock market indexes lost between 1.1% and 1.9% today, as investors increasingly feared about the debt crisis and its future impact on the economy. The S&P 500 index broke below the recent consolidation, marking new resistance at around 1,680 and then, testing the level of support at 1,666.58, marked by 61.8% retracement of the September advance (Fibonacci Golden Ratio). The S&P 500 futures contract continues its recent downtrend, piercing through the level of support at 1,665. The next possible support is at around 1,650, however, there are no confirmed downtrend reversal signals, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) fell sharply, breaking below the support at around 3,200. Thus, the nearest important resistance is at 3,180-3,200. The technology stocks sector was relatively very weak, as it broke below its few-week long topping consolidation. The market is at a potential support of 3,150-3,155, marked by the half of September lows, as the 15-minute chart shows:

Thank you,
Paul Rejczak