11 July 2019 (8:32 am EDT)
US stock markets had a very choppy intraday trend yesterday, in spite of a high opening.
Major indexes were trading high in early hours of the previous session when President Trump tweeted about more sanctions on Iran. With that, US stock markets quickly came down and erased most of their opening gains. After that, the intraday trend remained choppy and within a narrow range.
That same range will be today’s immediate trading range and a similar volatile and sideways trend is expected to continue in US stock markets.
In a sideways trend, both support and resistance levels become important trading zones and provide trade entry/ exit points to day traders. We have provided these levels for major indexes 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 US stock markets to trade within this week’s high and low levels. Mercurial geopolitical situations are keeping US stock markets from taking a stronger uptrend and improving economic conditions are providing cushioning support, thus keeping these markets rangebound near their all-time high levels.
Day traders should follow this trend cautiously and trade within major support and resistance levels with the short term trend.