The main U.S. stock market indexes have opened up between 1.0% and 1.4%, as investors hoped for some kind of a resolution of the debt crisis, neglecting surprisingly worse-than-expected Initial Claims announcement. The S&P 500 index currently gains 1.3%, moving away from the area of support at around 1,630-1,650. The potential resistance is at 1,670-1,680, marked by the September-October consolidation. The S&P 500 futures contract (CFD) is back above the level of 1,665, which is a positive sign. The nearest support is at 1,655, marked by the recent short-term consolidation. On the other hand, the resistance remains at 1,680-1,690, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) remains relatively stronger today, trading just below its resistance at around 3,180-3,200. It still looks like an upward correction of the recent move down, however, the bulls are getting more confident that the trend has indeed reversed. The September-October consolidation is the most important resistance at the moment, as the 15-minute chart shows:

Thank you,
Paul Rejczak