10 August 2018 (8:51 AM EDT)
Turkish currency Lira has crashed after the U.S. has announced plans to double the amount of metal tariffs on Turkey. Earlier, Russia had warned of retaliation against new U.S. sanctions. Trade war worries with China have already been clouding U.S. stocks.
So, no wonder that European stock markets are tumbling down and U.S. stock futures are highly negative before the opening bell, indicating a gap down opening in U.S. stock markets today.
Had it been the start of the week, we could expect some technical support for U.S. stock markets but considering this is the last session of the week, traders will be tempted to take money off the table before the weekend and that would mean, we can see more losses in U.S. stocks after the opening bell.
Still, day traders can keep an eye on intraday pivot levels to see if any major stock indexes find any buying support near lower levels. These pivot levels are given on our Pivot Trading page. Individual index levels are:
- Pivot Levels for Dow Jones
- Pivot Levels for Nasdaq 100
- Pivot Levels for Russell 2000
- Pivot Levels for S& P 500
It is an event-inspired negative intraday trend so expect bear to dominate U.S. stock markets today.
As we had written earlier, if Dow Jones falls below 25,400 then it will turn negative for the month. Lowe futures are indicating that Dow will open below that level. Its next major support is at 25,000 so just sit back and watch where this mega index closes.