US Stock Markets Today: Rally Losing Steam, Resistance Ahead

18 April 2018 (9:01 AM EDT)

Although U.S. stock futures are trading positive but the strength is lacking in today’s rise in these numbers. This indicates that U.S. stock markets face face resistance today.

European stock markets are also trading mixed. DAX (Germany) is actually trading negative.

Dow Jones future are some 80 points higher before the opening bell, but as we have been mentioning, the index has multiple resistance levels close-by such as  24, 900 and 25,029.

The index had retreated before reaching 24,900 yesterday and today’s positive opening could once again test this level.

Nasdaq and S&P 500 futures are moderately high.

Going by these pattern, it is possible that U.S. stock markets trade in a range bound manner in today’s session.

On weekly and monthly charts, a very strict range bound trend is obvious in these markets. Dow Jones faces weekly and monthly resistance near its current level and it should not surprise anyone that the index becomes slow paced and narrowly range bound now.

For intraday trading, pivot levels will be good help in finding out which support and resistance levels dominate today’s trend. For major U.S. indexes, these levels are given on our Pivot Trading page. Check those levels here also:

U.S. stock markets may see increased volatility which is a usual symptom of range bound trading pattern.

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