28 October 2019 (9:24 am EDT)
US Stock futures are trading with high gains, indicating that US stock markets are going to start this week with a gap up opening.
S&P 500 is expected to create a new record high with this gap up opening. But Dow Jones will still stay rangebound, which will create a mixed trend in US stock markets in this session.
On the weekly chart, you can see that major indexes have been making a higher low, which indicates an uptrend in these markets. Although on the daily charts we have seen a range-bound or sideways trading pattern from time to time in US stock markets, in the monthly and weekly charts, the trend has been very strongly positive.
This new optimism in US stock markets is triggered by various positive geopolitical developments; which include a new Brexit deadline, more positive indications about the US-China trade deal, and good earnings in various sectors.
We have provided intraday support and resistance levels on our Pivot Trading page. For 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
US stock markets are expected to open with high numbers and after that, these markets will continue to climb higher or become rangebound.
If markets continue to climb higher, then it will be a trending session and day traders should use moving averages for intraday trading. However; if markets become sideways within their intraday range, day traders should use pivot or Fibonacci levels for intraday trading.