1 November (8:39 am EDT)
The US Nonfarm Payrolls have jumped more than expected by analysts. With that news, US stock futures have rallied, indicating a positive opening in US stock markets today.
This also shows a clear range bound trading pattern in these markets, where major indexes are trading up and down in alternate sessions. Yesterday, these markets had a negative closing. And today, a new month will start with higher numbers.
As we have been writing, Dow Jones is range bound near its all-time high levels, and because of this index, broader US stock markets are also turning sideways..
Although the intraday session will start with higher numbers, the overall trend has turned range bound in US stocks. Going forward, this whole month is expected to trade in sideways manner,if nothing changes for US stocks.
For sideways trend, use pivot levels provided on our Pivot Trading page. These levels are:
- Pivot Levels for Dow Jones
- Pivot Levels for Nasdaq 100
- Pivot Levels for Russell 2000
- Pivot Levels for S& P 500
Expect a higher open, yet volatile and range bound trading pattern in US stock markets. This week’s high and low levels will act as range levels in this session too.