The U.S. stock market indexes currently gain between 0.5% and 0.7%, as yesterday’s move up has its continuation. Investors hope for a resolution of the debt crisis, as well as for better than expected quarterly earnings releases. The S&P 500 index is currently up 0.5%, testing the resistance at 1,700-1,710. The S&P 500 futures contract (CFD) continues its quick move up, breaking above the level of resistance at around 1,685-1690. The market is in a short-term uptrend, however, a downward correction cannot be excluded at some point – due to profit taking ahead of the weekend. There are no negative signals, but some technical indicators are in the overbought zone, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) remains relatively strong, as it approaches the long-term uptrend highs once again. The nearest resistance is at around 3,230-3,250. Other than that, “sky is the limit”, as there are no clear resistance levels beyond the level of 3,250. On the other hand, the nearest important support is at around 3,200, as the 15-minute chart shows:

Thank you,
Paul Rejczak