9 March 2018 (9:14 AM EST)
For a change, Dow Jones futures are trading nearly 200 points higher for today’s session, after jobs report came robustly better than expected.
As a result, U.S. stock futures instantly zoomed up and European stock markets, that had been trading negative before that, also turned positive.
But such a jump start in U.S. stock markets will take major indexes near their range resistance levels and may trigger a narrowly range bound trend through the session.
Dow Jones will once again be the center of attention as this mega indexes faces a resistance zone between 25,020- 25,100. As we had written yesterday, if the index succeeds in crossing above this hurdle, then it can go back to 25,500.
Today’s high opening will take Dow Jones right back into that resistance zone. So, it will either turn down after a high opening, thus trading within last four sessions’ range. Or, it could try to go higher and get out of this range-ressiatne zone.
The major stock indexes will also open close to their resistance levels. For day trading, it will be better to give markets some time to settle in a trend and then trade with that short term trend which can become range bound or keep climb upwards even after a big gap up opening.
You can find intraday support and resistance levels on our pivot trading page; or get those levels here:
- Pivot Levels for Dow Jones
- Pivot Levels for Nasdaq 100
- Pivot Levels for Russell 2000
- Pivot Levels for S& P 500