8 August 2019 (8:16 am EDT)
Yesterday, Us stock markets bounced back after a steep earlier fall and now, new support has formed near this week’s low point in these markets.
Dow Jones and S&P 500 are clearly indicating this support on their daily charts. In the two sessions, these indexes have traded up after a lower opening, thus making positive candlesticks and creating a strong support level.
Today, US stock futures are indicating a slightly positive or flat opening for US stock markets. So, the immediate trading range will be within yesterday’s high and low mark for US stocks. If major indexes rise above yesterday’s high mark, then we can expect more gains in them. If these indexes turn negative after the opening bell, then the intraday trend will be rangebound within the previous session’s trading range.
Broader range levels for major stock indexes are given 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
Expect a volatile and rangebound trend in US stock markets today. The US economy is doing extremely well so these markets will not fall much, only short term profit booking can happen on negative news as we have been witnessing this week.