stock price trading

Stock Trading Alert: Indexes sharply higher as investors shake off debt worries

October 10, 2013, 4:27 PM

The U.S. stock market indexes have gained 2.2% on Thursday, bouncing off sharply from their recent lows. Investors welcomed a temporary resolution for the debt crisis: a new debt-ceiling deadline. The S&P 500 index got close to the 1,700 mark again (daily closing price at 1,692.54). The support remains at 1,630-1,650, marked by the late August consolidation. The S&P 500 futures contract (CFD) rebounded sharply, following some short-term fluctuations around the level of 1,650. The price broke above the level of resistance at 1,665, and then the move up continued into the recent consolidation’s upper limit, with the contract testing its resistance at 1,685-1,690, 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) rebounded in an analogous manner, going back into the September-October consolidation range, above the level of 3,200. The resistance remains at 3,200-3,250, marked by the consolidation. On the other hand, the nearest important support is at 3,110-3,150, marked by some of the recent fluctuations, as the 15-minute chart shows:

Nasdaq100 futures contract - Nasdaq 100 index chart - NDX

Thank you,
Paul Rejczak

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