Will Stocks Continue Higher?
Expectations before the opening of Tuesday's trading session are virtually flat, with index futures currently between -0.1% and 0.0% vs. Wednesday's closing prices. The European stock market indexes have been mixed so far. Investors will now wait for some economic data announcements: Producer Price Index, Initial Claims at 8:30 a.m. The market expects that Producer Price Index grew 0.4% in August (core number +0.2%). The S&P 500 futures contract trades within an intraday consolidation, as it extends its fluctuations along new record high. The nearest important resistance level remains at around 2,550-2,555, marked by record high. On the other hand, level of support is at 2,535-2,540, marked by previous resistance level and some local lows. The next support level is at 2,530, marked by short-term consolidation. The support level is also at 2,520-2,525, marked by local lows. The futures contract trades along its short-term upward trend line, as we can see on the 15-minute chart:
Nasdaq Still At Record High
The technology Nasdaq 100 futures contract trades along its Tuesday's new record high. It continues to fluctuate close to the 6,000 mark following recent move up. The nearest important level of resistance is at around 6,080-6,100. On the other hand, support level remains at around 6,040-6,050, marked by short-term local lows. The next support level remains at 6,000-6,020, marked by the previous level of resistance. The Nasdaq 100 futures contract extends its short-term fluctuations, as the 15-minute chart shows: