9 August 2019 (8:43 am EDT)
US stock markets rallied yesterday and created a new range above the range of earlier sessions of this week.
Today, US stock futures are trading negative so we can expect US stock markets to trade within yesterday’s new range, above the trading range of previous few sessions.
In a rangebound trend, traders should watch both support and resistance levels and trade within those levels, with the short duration trend. We have provided such level for intraday trading on our Pivot Trading page. 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 have traded with extreme volatility this week, swinging between high and low marks. Today also, volatility levels could remain high. Day traders should wait and watch markets till a clear intraday trend emerges, then trade with that trend.
The immediate trading range will be between yesterday’s high and low mark and a broader trading range for US stocks will be between high and low levels of the last four sessions.