US Markets Today: Range Bound Trading Pattern Continues

30 August 2017 (8:58 AM EDT)

The U.S. economy has just thrown some excellent reports about Q2 GDP and Nonfarm payrolls that jumped much higher than estimates.

Maybe that’s why U.S. stock futures have turned slightly negative after trading with positive numbers through the global session.

Looking at hourly chart, it becomes clear that U.S. markets are strictly range bound. For example, Dow ¬†Jones has a broader range between 21,900- 21,675. Within this range, the index has more minor support and resistance levels at 50 points’ distance such as at 21,850- 21,800- 21,750 etc.

Expect this mega index to trade within this broad range. Other indexes will also trade within their own specific ranges.

Watch how markets trade within their weekly range and follow that rend.

Good luck, enjoy the session!

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