The main U.S. stock market indexes have opened down between 0.1% and 0.2% today, as investors decided to wait after yesterday’s debt-crisis relief rally. The market is in a short-term consolidation pattern with a bullish bias. The S&P 500 index is currently unchanged, fluctuating below the resistance of around 1,700-1,710. The S&P 500 futures contract (CFD) trades in a relatively narrow range today. The nearest important resistance level is at 1,685-1,690. On the other hand, the support remains at 1,665, marked by some of the October lows, as we can see on the 15-minute chart:

The Nasdaq 100 futures contract (CFD) extends its short-term consolidation near the level of resistance at around 3,200. The technology stocks sector remains relatively strong, as it is still quite near its long-term uptrend highs. However, the September-October consolidation at 3,200-3,250 marks very important resistance here, as the 15-minute chart shows:

Thank you,
Paul Rejczak