The U.S. stock market indexes continue to fluctuate in a rather tight daily range, currently gaining 0.1-0.7%, with the technology stocks sector relatively strong once again, as the Nasdaq Composite index is up 0.7%. The S&P 500 index is up 0.2%, remaining slightly below the psychological level of 1,700. The nearest important support is at 1,688.73-1,691.70, marked by the September 16 daily gap up. The S&P 500 futures contract (CFD) is in a short-term consolidation, fluctuating around the level of 1,690. It looks like a short-term flat correction of the recent downtrend, as there are no confirmed trend reversal signals. The next possible level of support is at around 1,680, marked by the previous consolidation, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) is relatively strong, as it continues to fluctuate near its recently established new high, moving around the month-long upward trend line. The support is at 3,200, and the resistance remains at around 3,230-3,240, marked by last week’s topping consolidation, as the 15-minute chart shows:

Thank you,
Paul Rejczak

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