8 August 2018 (9:28 AM EDT)
China announced new tariffs on some U.S. goods and after that, U.S. stock futures gave up their earlier gains and turned negative.
Yesterday also, U.S. stock indexes had climbed down after early rally, thus indicating profit booking at higher levels. Today’s negative futures indicate a rangebound and choppy intraday trend for U.S. stock markets in today’s session.
That would mean a trading pattern between intraday support and resistance levels. These levels (for major U.S. stock indexes) are available on our Pivot Trading page. Separate levels are :
- Pivot Levels for Dow Jones
- Pivot Levels for Nasdaq 100
- Pivot Levels for Russell 2000
- Pivot Levels for S& P 500
Day traders should watch these levels and see what kind of trend emerges between intraday support and resistance levels. Once a trend becomes clear, day traders can follow that trend for short duration trades. Markets may turn more volatile as usually happens in rangebound trend.