The main U.S. stock market indexes gain 0.1-0.4% currently, as investors bet that the recent downward correction has been overdone, hoping for the long-term uptrend to resume. The S&P 500 index is back above the psychological level of 1,700, gaining 0.2% right now. The S&P 500 futures contract (CFD) bounced off the level of support at 1,690, marked by last week’s consolidation (1,690-1,700). However, for now, it looks like a correction within a short-term downtrend, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) continues to trade over its upward trend line, which is a positive sign. The resistance is at around 3,230-3,240, marked by the last week’s topping consolidation. On the other hand, the nearest level of support is at 3,200. The technology stocks sector remains relatively strong, as it is just below its recent long-term trend highs, as the 15-minute chart shows:

Thank you,
Paul Rejczak

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