9 July 2019 (8:37 am EDT)
US stock futures are trading highly negative with European stock markets, indicating that US stock markets will open negative today.
But, as we know, these markets have been trading in a yearly range for the last two years so essentially, these markets just keep roaming within that range. The same rangebound trading pattern is expected in today’s session, in spite of a lower opening in US stock markets.
Even yesterday, major US stock indexes had traded in a narrow range. In today’s session, these indexes are expected to trade within the last few sessions’ support and resistance levels. Intraday pivot levels (given on our Pivot Trading page) can provide cues about intraday trading range. 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 with choppiness and remain rangebound within last week’s trading range. Day traders should observe both support and resistance levels, then trade with the dominating trend within those levels.