9 September 2019 (8:05 am EDT)
US stock futures have been trading with modest gains and as discussed previously, the technical rang top levels on monthly charts are restricting their gains.
European stock markets are also trading mixed and subdued. As we know, these bigger markets are now focused on central bank policies. The ECB will deliver its policy later this week and the Federal Reserve will do the same next week.
US stock markets are ready to bolt out of the weekly range if only some kind of big push sends them flying high. The Fed is not giving enough indications to provide that trigger. We will have to wait and see how much stimulus the ECB grants.
Till then, we can expect a technical trend in US stock markets. It will most probably remain within the last few months’ ranges. For day trading, we have provided intraday range levels for major indexes on our Pivot Trading page, which are:
- Pivot Levels for Dow Jones
- Pivot Levels for Nasdaq 100
- Pivot Levels for Russell 2000
- Pivot Levels for S& P 500
US stock markets are expected to open with mild gains and then trade with choppiness, in a rangebound trading pattern. Day traders should watch both support and resistance levels and trade with the short term trend within those levels.