9 January 2019 (8:48 am EST)
Higher U.S. stock futures are indicating that U.S. stock markets are getting ready for the another positive session. If the closing is also positive, then it will be the 4th consecutive positive session for U.S. stocks.
But these positive numbers are hiding a very choppy intraday trading pattern. Yesterday, major indexes like Nasdaq and S&P 500 swung between negative and positive numbers more than once through the session. That shows that traders / investors are still nervous and the selling pressure is still lurking behind the scenes in this markets.
That is why day traders will have to be on their toes while trading through the session and be ready to exit their trades at the slightest hint of trend reversal.
Use intraday pivot levels (provided on our Pivot Trading page) to find support and resistance levels in major stock 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
Expect a higher opening in U.S. stock markets today, but the trading pattern may remain highly volatile. Although these markets have been inching higher and ion daily charts, major indexes seem to be returning within last year’s trading range, but on weekly and monthly charts, the previous range support levels are still lookin like resistance levels. So trade cautiously and strictly with the trend.