stock price trading

Stock Trading Alert: Indexes down as fears about debt crisis dominate

October 7, 2013, 10:18 AM

The U.S. stock market indexes have opened lower between 0.8% and 0.9% today, as investors feared the debt-crisis and subsequent government shutdown. The main indexes lose 0.3-0.7% right now, after a small rebound. The S&P 500 index is currently down 0.7%, testing the level of support at 1,678.67, marked by 50% retracement of the September advance. The S&P 500 futures contract (CFD) trades near its support at around 1,665. On the other hand, the resistance remains at 1,685-1,690. Still with no clear trend, however there is a selling pressure, as the market is closer to breaking below its recent consolidation. The week-long fluctuations may form a flat correction pattern, as we can see on the 15-minute chart:

S&P500 futures contract - S&P 500 index chart - SPX, Large Cap Index

The Nasdaq 100 futures contract (CFD) remains in some kind of a topping consolidation, still quite near its long-term uptrend highs. The resistance remains at around 3,250 and the level of support is at 3,190-3,200. The technology stocks sector continues to be relatively strong, compared to the broad stock market performance recently. Still with no clear trend in the short-term, as the 15-minute chart shows:

Nasdaq100 futures contract - Nasdaq 100 index chart - NDX

Thank you,
Paul Rejczak

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