The main U.S. stock market indexes gained 2.2% yesterday, as investors welcomed a temporary resolution for the debt crisis: a new debt-ceiling deadline, neglecting surprisingly worse-than-expected Initial Claims data announcement. There is also an anticipation ahead of the quarterly earnings releases. The S&P 500 index bounced off sharply from the support at around 1,630-1,650, marked by the late August, early September consolidation. The nearest important resistance is at 1,700-1,710. The index broke above the recent downward trend line, which is a positive signal, as we can see on the daily chart:

Expectations before the opening of today’s session are slightly positive, with index futures currently up 0.1% vs. yesterday’s closing prices. The European stock market indexes have been up 0.1-0.7% so far. Investors will now wait for some economic data announcements: Retail Sales and Producers Price Index at 8:30 a.m., Michigan Sentiment index at 9:55 and Business Inventories report at 10:00 a.m. The S&P 500 futures contract (CFD) is in a short-term consolidation, following yesterday’s rally. The nearest resistance is at 1,685-1,690, marked by the September-October local highs. On the other hand the level of support is at around 1,665 again, as the 15-minute chart shows:

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Thank you,
Paul Rejczak