18 July 2019 (8:50 am EDT)
US stock futures turned positive briefly when the weekly US Jobless Claims numbers came slightly higher. As markets hope for a rate cut from the Federal Reserve, any negative economic reports trigger positive numbers in US stock markets nowadays.
Earlier in the session, US stock futures had fallen with European stock markets. The leading German index Dax had opened with more than 1% losses and is still trading with deep cuts.
US stock markets are still undecided about the US-China trade war and which way it is going. Big tech companies are facing anti-trust and other allegations. The Banking sector is sounding a cautionary note about rate cut plans of the Fed which is making these markets uncertain about their hopes of more stimulus from the central bank.
These factors have put US stock markets on a back foot and this week, US stocks had fallen yesterday after consolidation earlier in the week.
Today’s highly volatile trading pattern in US stock futures hints at a similar choppy intraday trend. Major indexes will trade within the last 4-5 sessions’ trading range. Day traders can take help of pivot levels, given on our Pivot Trading page, to anticipate intraday range levels of 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 US stock markets to trade sideways within the support and resistance levels of last few sessions. Market volatility could remain high like other sessions of this week.