Dec 31, 2015, (9:22AM EST )
U.S. stock futures are trading highly negative as Crude Oil futures slumped again and 4-week’s average Jobless claims reports came better than expected, Although weekly Jobless Claims shoed a jump in numbers.
After a negative close yesterday and negative futures today, Dow Jones is expected to open in its support zone of 17,550- 17,500.
This has been quite a strong support for the index so as long as Dow Jones stays above or closes above the support of 17,500, it will remain range bound and so will broader U.S. markets.
If Dow Jones drops below 17,500, more specifically, closes below this level, then it will drop into the lower zone of its current range and could trade between the range of 17,500- 17,250.
Range bound markets tend to be highly volatile so watch out for sudden reversals through the session. Keep an eye on Dow Jones levels and trade with the dominant trading pattern.
Good luck, enjoy the session!