US markets today: another negative trading session ahead

May 4, 2012 (9:23AM EDT)

After yesterday’s negative session, whatever hope U.S. stock markets had of recovery, has been dashed by a weaker employment report.

Dow Jones futures

Expecting one-way traffic in US markets today..

A lower than expected jobs growth had causes U.S. stock futures to tumble deep in red, indicating a big gap down opening for markets today.

Going by the candlestick charts, U.S. markets had indicated yesterday that markets are in for a few more negative sessions. Especially Dow Jones, which made a long, negative candlestick signaling continuation of negative trading in further sessions.

Dow Jones chart

Nasdaq and S&P 500 indexes also made similar negative candlesticks indicating more negative session ahead.

Dow Jones has next support at 13,100 mark and then at 13,000 level. The only matter of interest in markets today will be to see at what levels U.S. markets close on the last trading day of this week. That will indicate what to expect next week from markets.

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