The U.S. stock market indexes have opened down between 0.6% and 0.7% today, as investors feared the ongoing budget crisis again. The S&P 500 index is currently down 0.5%, moving slightly below the level of 1,700. The resistance remains at around 1,700-1,710. For now, it only looks like a flat correction of last week’s quick move up. The S&P 500 futures contract (CFD) trades slightly below its Friday high. The resistance is at 1,690-1,700. On the other hand, the nearest important support is at 1,680, marked by the recent local lows. The CFD is in a short-term consolidation, as we can see on the 15-minute chart:

Analogously, the Nasdaq 100 futures contract (CFD) fluctuates in a short-term consolidation, slightly below its recent high. The resistance is at 3,230-3,250, marked by the early October topping consolidation. The nearest important support is at around 3,200. The technology stocks sector remains relatively strong, as it is near its long-term uptrend highs, as the 15-minute chart shows:

Thank you,
Paul Rejczak