The U.S. stock market indexes were mixed yesterday, as investors hesitated to take any action following Tuesday’s sell-off. The S&P 500 index gained 0.1%, extending short-term fluctuations above the support at around 1,630-1,650, marked by the late August consolidation. However, the index has made new low for the down move at 1,646.47. On the other hand, the nearest important resistance level is at around 1,670-1,680, marked by the September-October consolidation, as we can see on the daily chart:

Expectations before the opening of today’s session are positive, with the main index futures currently gaining between 0.8% and 0.9%. Investors hope for some kind of a resolution of the debt crisis. There is also an anticipation ahead of the quarterly earnings season. The main European stock market indexes have gained between 1.0 and 1.5% so far. The S&P 500 futures contract (CFD) rebounds off its support at around 1,640-1,645, marked by the recent lows. The price broke above the nearest resistance at 1,650-1,655, which is a positive signal in the short-term. The next resistance is at 1,665, marked by previous lows. For now, it looks like correction within a downtrend, as the 15-minute chart shows:

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Thank you,
Paul Rejczak