The U.S. stock market indexes are down between 0.6% and 1.6%, breaking below their recent trading range, as investors continue to fear about Washington’s debt crisis. The S&P 500 index is down 0.8%, breaking below its support at 1,666.58, marked by 61.8% retracement of the September advance. The technology stocks sector remains relatively very weak today, as the Nasdaq Composite index is currently down 1.6% vs. yesterday’s closing price. The S&P 500 futures contract (CFD) continues its few-week long downtrend, breaking below the support at around 1,665, thus marking new short-term resistance level. Still with no confirmed downtrend reversal signals, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) fell sharply and broke below the support at around 3,200, leaving the recent consolidation and marking a potential new resistance at around 3,180-3,200. The technology stocks sector is the lowest since the first half of September. The nearest support is at around 3,150-3,155, marked by some of the September lows, as the 15-minute chart shows:

Thank you,
Paul Rejczak