Short-term uncertainty following recent stock market rally

Slightly negative expectations

Expectations before the opening of today's trading session are slightly negative, with index futures currently between -0.2% and -0.1% vs. their Friday's closing prices. The European stock market indexes have been mixed so far. There will be no new important economic data announcements today. The S&P 500 futures contract trades within an intraday downtrend following overnight advance. The nearest important level of support is at around 2,565-2,570, marked by local lows. On the other hand, resistance level is at 2,585, among others. The futures contract trades below its recent upward trend line, as we can see on the 15-minute chart:

Nasdaq relatively stronger

The technology Nasdaq 100 futures contract trades within an intraday consolidation, as it remains slightly above 6,300 mark. The nearest important level of support is at around 2,580, marked by Friday's local low. The next level of support is at 2,540-2,560, marked by short-term local lows. On the other hand, resistance level is at around 6,330-6,350, marked by record high. The Nasdaq 100 futures contract trades along the level of 6,300, as the 15-minute chart shows:

 

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