12 April 2019 (9:15 am EDT)
Just as we had written previously that U.S. stock markets are preparing for a big breakout from their this week’s narrow range, US Stock futures jumpeed with big gains, making sure that U.S. stock markets will open with a high gap up in this last session of the week.
Dow Jones is expected to open near 26,400 which will take it close to this week’s high level. Other major indexes will also open with a gap up.
Day traders will have to wait and watch what U.S. stock markets do after a big opening. When markets open so high, it is usual for stocks to cool down a bit. So wait for that initial volatility to cool down and then trade with the trend.
Today’s intraday trend can remain range bound if markets trade near opening levels and refuse to go up or down. However, if buying pressure sustains, then U.S. stock markets will continue to climb higher through the session.
The broader intraday range can be predicted with the help of daily pivot levels which we have provided on our Pivot Trading page. For major indexes, 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 U.S. stock markets to trade with more enthusiasm as China economic data came better than expected and the U.S. – China trade talks are progressing smoothly. Markets may remain rangebound in a narrow range after a very high opening, or the uptrend will continue.