The main U.S. stock market indexes are currently mixed, with the broad market S&P 500 index up 0.3% and the technology sector Nasdaq Composite index down 0.2%. Investors hesitate to take any decisive action, following yesterday’s sell-off. For now, it only looks like some sort of a flat correction within a downtrend. The S&P 500 index remains above the support at 1,630-1,650, marked by the late August consolidation, which may be regarded as a positive sign. The S&P 500 futures contract (CFD) fluctuates around the level of 1,650. The short-term support is at around 1,640-1,645. The nearest important resistance is at 1,655-1,660, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) rebounded from the area of 3,110, and trades slightly below yesterday’s local low at around 3,145, as it is the nearest important resistance. The technology stocks sector remains relatively weak vs. the broad stock market. Still with no clear downtrend reversal signals, as the 15-minute chart shows:

Thank you,
Paul Rejczak