US Markets Today: Waiting for ECB Press Conference

Nov 6, 2014, (Update:  (9:37 AM EST )

I am scratching my head. Why have U.S. markets turned red even though the ECB President talked about starting the QE?

Maybe, it was because he did not give any specific date? European markets have also lost their earlier gains. What do traders do now?

Well, I guess, traders should watch yesterday’s high and low levels in U.S. markets, and day’s pivot levels in European markets. (darn! I again forgot to update pivot levels for U.S. indexes 🙂 )

We have seen high volatility in European markets in last couple of hours. Only the closing levels will clear which way we can expect these markets to go.

For U.S. markets, especially S&P 500, watch this week’s high and low levels. 2014 has proved to be a strong support till now for this index and above that, expect this index and broader U.S. markets to stay in positive trend.

(Earlier: 8:16AM EST)

This is a short warning, of “stock markets –quake” in almost 10 minutes from now 🙂

The ECB President Draghi will start his press conference, and U.S. markets will receive jobless claims reports.

The biggest scoop of the day is — infighting in the ECB 🙂

According to the news agency Reuters, various European central banks have revolted against Draghi and now, chances are very slim that he’ll get to take unilateral decisions about QE.

That’s is negative news for QE junkies in global markets.

But wait till the ECB President states his intentions.

I’ll be back with more information later.

You can watch markets to understand his comments. Jump in equity shares, positive about QE. Drop in European markets, no QE coming J

Good luck and have fun!

See you later.

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