16 October 2019 (9:15 am EDT)
As we wrote in our earlier post about world stock markets, US Stock futures have been trading slightly lower in this session after the last few days’ continuous rallies.
However, US Stock futures are only slightly down, indicating a moderately negative opening in US stock markets today. For day trading, one can use 5 hours chart, where major indexes are looking rangebound. The daily and weekly trends are strongly up, only the intraday trend could turn volatile on profit booking.
Day traders can use the pivot level given on our Pivot Trading page. These technical 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 expected to open with subdued numbers, and trade in a choppy manner. These market trading on news related to the US-China trade deal, and any news related to these trade talks, whether positive or negative, can trigger high volatility in US stock markets.
Therefore day traders should keep strict stop losses in all their open positions and trade with the support and resistance level. The intraday trend could remain range-bound. Use 5 hours or hourly charts for intraday trading. The long term trend is up for these stock markets.