8 February 2019 (8:56 am EST)
After yesterday’s heavy losses, U.S. futures and European stock markets are again declining with considerable margins.
As we had written yesterday, U.S. stock markets now face a risk of turning negative for the week and month. If major indexes close below this week’s opening levels, then it will change the trend and U.S. stock markets will return to last year’s downtrend.
Dow Jones faces strong support at 25,000 and this mega index recovered from that support in the previous session. Today’s low opening will again take the index close to that important support and thus, create choppiness in its trading pattern.
Use intraday pivot levels (given on our Pivot Trading page) to see what level provide support or resistance to major indexes. These pivot levels are:
- Pivot Levels for Dow Jones
- Pivot Levels for Nasdaq 100
- Pivot Levels for Russell 2000
- Pivot Levels for S& P 500
Expect a highly volatile session in U.S. stock markets after a lower opening, as indicated by the negative trend in futures. Yesterday’s support levels will be tested again and today’s closing levels will indicate what kind of trend we can see in U.S. stock markets next week- rangebound or a new spell of downtrend.