stock price trading

Stock Trading Alert: Stocks fall as market sentiment worsens

October 3, 2013, 4:21 PM

The main U.S. stock market indexes have lost between 0.9% and 1.2% today, as investors feared possible negative outcomes of Washington’s debt crisis. There is also an ongoing uncertainty concerning tomorrow’s unemployment data release for the month of September. The S&P 500 index deepened its short-term downtrend, losing 0.9% vs. yesterday’s closing price, stopping in the area of the August-September uptrend’s 50% retracement at 1,678.67. The resistance remains at 1,700-1,710. The S&P 500 futures contract (CFD) also extended its short-term downtrend, testing the support at around 1,665. On the other hand, the resistance is at 1,685-1,690, marked by the recent consolidation, 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) retested its support at 3,200, however, remained in the recent consolidation range. The resistance is at around 3,250, marked by the recent highs. The technology stocks were relatively weaker today, as the Nasdaq Composite index lost 1.2%. However, the tech sector remains quite near its long-term high, as the 15-minute chart shows:

Nasdaq100 futures contract - Nasdaq 100 index chart - NDX

Thank you,
Paul Rejczak

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