8 October 2019 (9:06 am EDT)
Almost 12 hours ago, US stock futures and all major Asian stock markets were trading positive. It looked like US stock markets will continue their rangebound trend in this session too.
The trend changed during the Europe session when negative news about Brexit and the controversies around the NBA’s preseason games in China overtook the positive sentiments, and US stock futures turned negative.
US stock futures are now highly negative and we can expect a similar, highly negative opening in US stock markets. This weel deepen this week’s starting downtrend in US stocks.
We have given intraday pivot levels on our Pivot Trading page for day trading. 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 open with a gap down and trade with choppiness through the session. Until the US-China trade talks are over, this kind of volatility will continue in these markets. For day trading, wait till the opening volatility is over, and a clear intraday trend emerges. After that, simply follow the trend and trade with the important support and resistance levels.