4 December 2018 (8:46 am EST)
Like every other hope-rally in stock markets, last week’s rally in U.S. stock markets has also faded. Negative U.S. stock futures are indicating a weakness in current trend which is expected to remain rangebound within last two session’s trading range.
Apple has been downgraded again and is trading -2% down in pre-open markets. This will again put pressure on Nasdaq. Other big names like Facebook, Microsoft, Tesla, Netflix are also trading negative in pre open trading.
Dow Jones futures are down by -100 points at the time of writing, indicating a gap down opening in this trend-setting index along with other major indexes.
However, even a -100 points low opening will keep Dow Jones within previous session’s trading range and only if the index falls below previous low, a minor downtrend can come closer to this index and broader U.S. stock markets.
Till that happens, day traders should consider these markets to be in a sideways trend and watch intraday pivot levels to know range support and resistance levels for intraday trading. These levels are given one our Pivot Trading page. Different index levels are:
- Pivot Levels for Dow Jones
- Pivot Levels for Nasdaq 100
- Pivot Levels for Russell 2000
- Pivot Levels for S& P 500
Like yesterday, today’s closing levels will be more important for short term trend inn these markets. Expect a choppy and rangebound trading in U.S. stock markets today. Tech sector and its index Nasdaq may dominate the intraday trend in these markets again.