11 January 2018 (8:30 AM EST)
- The day trading trend in U.S. stock markets is expected to remain choppy, mostly range bound.
- U.S. stock futures have recovered after reports than Chain news about not buying U.S. bonds was “fake”.
- However, reports from the U.S labor markets have been disappointing today. Initial Jobless Claims have gone up and PPI (Producer Price Index) numbers have come below expectations, sending the Dollar index down.
- Euro is also trading higher, putting pressure on the Dollar index.
U.S. stock futures have recovered marginally after China refuted reports that it is thinking of stopping or pausing purchase of U.S. bond.
However, the day has not been good for the Dollar index that dived lower after Euro surged on speculations that the European Central Bank is preparing to wind up it asset- purchase program (QE). The Dollar index has also come under pressure after lower than expected labor market reports from the U.S. economy. Jobless Claims have grown and PPI had shrunken, indicating sluggish economic growth.
In pre market movers, Apple is agains trading positive after a bounce back yesterday from its important support level (173). We had previously discussed day trading strategies in Apple and those are still good to implement at current levels.
The intraday trend in U.S. markets is expected to remain choppy and mostly range bound.
Overall, these markets are in a very strong uptrend with some slow paced days thrown in between.
To know how major indexes will trade today, you can take help of intraday support and resistance levels for those indexes from our Pivot trading page. Or check here:
How were conditions yesterday? A look at previous session’s intraday trend analysis in U.S. stock markets