6 February 2017 (8:52 AM EST)
U.S. stock futures are slightly lower, indicating that last Friday’s high and low levels will still make the immediate trading range in major indexes.
European markets are down, especially DAX (Germany) has lost major points after German Factory Order numbers smashed through estimates, arriving at 5.2% compared to previous -3.6%. Estimates were only 0.5%.
In these days of QE programs of central banks, good economic news turns markets down on worries of losing out on free liquidity from those banks.
U.S. markets may see a subdued opening but their last week’s trading pattern had ended on a hopeful note. the previous week had started with a gap down opening in U.S. markets, then three mostly negative, narrowly range bound session and then the last session with big gap up opening and recovering all losses for the week.
Dow Jones is back to trade near its previous week’s high number of 20,125, which has become its current range top. The index will have its immediate range between 20,081- 19,964 (previous session’s high and low).
The last session has been a one-way climb for Dow Jones. Let’s see if that climbing pattern continues or the index and broader U.S. markets turn down to trade in the same range but opposite (lower) direction.
Watch the trend line and trade with it.
Good luck, enjoy the session!