19 August 2019 (8:16 am EDT)
US stock futures are rallying after President Trump tweeted that talks with China were ongoing.
At the time of writing, Dow Jones futures are more than 250 points up, indicating that this index will open with big gains and probably near the previous week’s opening levels.
As we discussed previously, US stock markets have been trading in a similar range for the last two weeks and today’s intraday range is expected to remain within the weekly range. This broader rangebound trend will continue as long as US stock markets trade below the last two week’s highest point. The range will be broken and the trend will change into an uptrend when markets will start trading above the last two week’s highest points.
Know the intraday range levels by pivot levels provided 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 set for a big gap up opening for today’s session. This will create a positive weekly and daily trend for these markets. After the opening bell, US stocks will either continue to climb higher or turn rangebound near the opening levels.
For day trading, wait till the opening volatility is over and markets settle in an intraday range. Then trade with the trend within that range.