The major U.S. stock market indexes currently gain between 0.3% and 0.9%, as investors neglect Washington’s debt-ceiling crisis, buying stocks and betting on the end of the recent correction. The S&P 500 index gains 0.6%, moving further away from the level of support at around 1,675-1,680, marked by the 50% retracement of the August-September rally at 1,678.67, amongst others. The CFD broke above the week-long downward trend line, which is a positive sign. The nearest resistance is at 1,685-1,695, marked by the previous consolidation, as we can see on the 15-minute chart:

The Nasdaq Composite index currently gains 0.8%, making its new long-term uptrend high, violating the level of 3,800. The Nasdaq 100 futures contract (CFD) continues its uptrend now, breaking above the recent consolidation, as it trades above the previous resistance of 3,230-3,240. For now, it looks like an uptrend continuation pattern, with the support at around 3,230-3,240, as the 15-minute chart shows:

Thank you,
Paul Rejczak