12 September 2017 (9:39 AM EDT)
U.S. markets have opened with a gap up but as we had discussed earlier, major U.S. indexes are near their current range tops and thus, their upward movement is expected to remain restricted.
Dow Jones is trading above 22,100 and has the range resistance near 22,179. The index has nearby support levels at 22,090 and 22,050. Likewise, other major indexes will also have their support levels near today’s opening and previous closing levels. The trading range may remain restricted between these supports and previous month’s high levels. Once those high levels have been crossed, we can look forward to new all time high records in U.S. markets and a new start of another leg of current uptrend. If that does not happen, then the current range will continue to dominate and U.S. markets will continue to trade sideways in a broader range.
Watch the current support and range resistance levels and trade within those levels with the short term trend.
Good luck, enjoy the session!