US Markets Today: Looking to Recover Previous Losses

16 August 2017 (9:04 AM EDT)

U.S. stock futures are indicating a higher opening and major indexes are expected to open near/ above yesterday’s high levels.

European markets started rallying and changed the global trend after reports that the European Central Bank president Mario Draghi will not discuss any policy measures in Jackson Hole conference next Friday. European markets have been worried that new policy tightening measures could be hinted in this conference arranged by the U.S. Federal Reserve.

With the relief rally in European stocks, U.S. stock futures also turned green and now it seems we may see a higher opening in broader U.S. markets today.

Futures are indicating a Dow Jones opening near/ above its yesterday’s high of 22,050. Likewise, S&P 500 is expected to open near previous high of 2470. After the opening, these important indexes will either trade above these high levels and climb up, or become range bound and once again trade within the overall range of previous session.

Considering that the North Korea “fight” bubble has already subsided, U.S. markets may try to recover last week’s losses. It will not be an easy task as major indexes will face previous resistance levels nearby. S&P 500 will have to cross above the resistance zone of 2472-2474. Above this zone, the index will be back in uptrend territory. Similarly, Dow Jones has this resistance zone between 22,050- 22,090. Above this zine, the index will be safe for rejoining its previous uptrend.

So wait and watch how markets open and trade in initial minutes, then join the short term trend.

Good luck, enjoy the session!

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