31 August 2017 (8:59 AM EDT)
Yesterday, S&P 500 had moved above its last week’s high point, indicating a range breach and buying support. However, Dow Jones had hesitated in crossing that barrier and traded with small gains near its current range top.
Today, higher futures of Dow Jones are indicating that the index will open above the high mark of its previous week, and going back towards 22,000 mark.
A range break in Dow Jones will be much needed relief for bulls after spending two weeks, shackled in a small range. Of course, it will still face resistance at every 50 points such as 21,900- 21,950- 22,000 etc.
There will be three trend possibilities after a gap up opening in U.S. markets today: a narrowly range bound trading, a continuous climb or a trend reversal from high point towards lower closing point (which looks less probable at this time).
Watch what kind of trend develops after the opening bell, then trade accordingly.
Good luck, enjoy the session!