10 July 2019 (9:27 am EDT)
US stock futures have rallied on comments of the Federal Reserve Chairman Jerome Powell, who hinted that the central bank is ready to cut rates this month.
The Fed Chair is scheduled for a testimony to the House Financial Services Committee at 10 am EDT today. His comments are reported from his prepared testimony released before the event.
Dow Jones futures have gone up by 100 points as news broke of the Fed Chair’s dovish outlook. This indicates that US stock markets will open positive in this session, but the trading pattern could remain volatile once the real testimony starts. It will have a question-answer session too and The Fed Chair’s answers during that session can make more jubilant or disappointed.
Despite a positive opening, US stock markets could remain highly volatile during those hours. It could be in a positive way, or in a subdued way.
Use daily pivot levels (given on our Pivot Trading page) to anticipate support and resistance levels in 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 US stock markets to trade positive but rangebound within last few sessions’ trading ranges.