US Markets Today: Volatile Session on Oil, Fed, Data

30 November 2016 (9:07 AM EST)

Too many things are happening for U.S. markets today and all will drag markets in different directions. The Non-Farm Payroll numbers have smashed the roof today, coming almost double than estimates. After such good numbers, the Dollar index and bond yields are rallying with big numbers and Gold is down with fears of a rate hike from the Fed very soon.

Usually, on such developments, U.S. stock futures and European markets would have retreated in other direction but today, all these numbers are also positive on a more than 8% jump in Oil prices after OPEC members reached a deal on cutting Oil output.

However, DAX (Germany) is still keeping close to its previous two weeks’ low level (10,600) and U.S. markets may also remain range bound and keep close to this week’s high levels.

Unlike DAX, which has been very strictly range bound, major U.S. indexes have been enjoying an uptrend recently and have only become range bound this week.

Today’s high futures are indicating a gap up opening in U.S. markets. It will be interesting to see if major index will open near this week’s high numbers ( remain range bound) or jump above those levels to once again pick up the uptrend.

For Doe Jones, 19200- 19,226 may pose as a resistance today, if the index opens below these levels. Till now, this resistance has been at 19,150. If Dow Jones opens above this resistance then it will act as a support level going forward.

However, if the index opens somewhere near 19,150, then traders should watch for a resistance coming in near this level.

Overall trend in U.S. markets is positive. To anticipate trend, watch 20-Day

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