The U.S. stock market indexes closed mixed today, as investors hesitated after the recent move down. The S&P 500 index lost 0.3% in a low-volatility trade, declining slightly below the psychological level of 1,700. The market extends a correction of the September run-up into new all-time highs. The resistance is at 1,729.86, marked by the all-time high, and the nearest level of support is at around 1,700. The S&P 500 futures contract (CFD) remains below its previously broken upward trend line, which is a negative sign. The potential support is at 1,690-1,700, marked by last week’s consolidation, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) continues to fluctuate above its upward trend line, as the technology sector stocks remain relatively stronger. The support is at around 3,200 and the nearest important resistance is at 3,230-3,240, marked by the recent topping formation. Still with no clear sell signal, however, a deeper downward correction cannot be excluded here (if the broad market continues to suffer), as the 15-minute chart shows:

Thank you,
Paul Rejczak

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