17 April 2019 (8:51 am EDT)
U.S. stock futures are trading with moderate gains in this session again, indicating that U.S. stock markets will open positive, but the trading range could remain with yesterday’s high and low levels.
yesterday, U.S. stock markets had closed positive, but lower than the day’s high levels. That space is expected to be filled by today’s slightly higher opening but yesterday’s top-resistance needs to be watched today as well.
If major indexes succeed in trading above the previous resistance, then we can expect more gains in U.S. stock markets after the opening bell. However, if the previous resistance proves strong, then a rangebound and sideways intraday trend will dominate these markets.
Day traders can use daily pivot levels provided on our Pivot Trading page and see which levels create intraday range in 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
Expect a choppy and mostly sideways trend in U.S. stock markets as these markets are trading close to their monthly range top levels and facing technical resistance.
Day traders should be prepared for trading in narrow range, within support and resistance levels. The trend could quickly change between these levels at small intervals.