The U.S. stock market indexes currently gain between 0.4% and 0.6%, as investors hope for a debt-crisis deal in Washington and positive quarterly earnings releases. The S&P 500 index is up 0.4%, testing the resistance at around 1,700-1,710. The broad stock market continues its last week’s rally, getting close to the September all-time highs. The S&P 500 futures contract (CFD) broke above the level of 1,700 which is a positive signal. The next important resistance is at around 1,715-1,725, marked by the late September topping consolidation, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) remains in a short-term rally mode, as it is near its long-term uptrend highs. The resistance is at around 3,250, marked by the recent highs. On the other hand, the nearest support is at 3,230. The technology stocks sector is relatively strong as investors hope for some better-than-expected quarterly earnings releases. There are no confirmed uptrend reversal signals, however a correction cannot be excluded at these crucial levels, as the 15-minute chart shows:

Thank you,
Paul Rejczak