24 August 2017 (9:17 AM EDT)
U.S. markets are expected to trade within last two sessions/week’s range.
As we had been writing previously, U.S. markets had found support after some correction last week and now we are witnessing a bounce back from those support levels.
Dow Jones is currently trading above its major support of 21,800 and as long as the index keeps above this level, we can look forward to a rise back to its previous range high levels.
However, if any news/ event causes Dow Jones to fall below 21,800, then we will have to watch lower levels- till 21,600- for any support.
On the upper side, the index faces resistance at every 50- 100 points so day traders should watch those levels and trade with the short term , intra day trend, which right now looks positive.
U.S. markets are trading within a broader range, instead of taking any trend, so markets volatility is also expected to remain high.
In short, watch intra day support and resistance levels and trade for minor profits.
Good luck, enjoy the session!