6 February 2019 (8:36 am EST)
U.S. stock markets have been having a very strong weekly trend. These markets have been climbing up since last seven weeks. The new monthly trend has also started positive and major indexes are trading above last month’s closing levels.
However, yesterday’s trend had turned sideways and in spite of 172 points’ gains, on technical charts Dow Jones created a strictly range bound pattern where the index traded between support and resistance levels.
So, for today’s intraday trading, day traders should keep in mind how these markets traded yesterday. If major indexes cross and trade above yesterday’s high mark then previous session’s range will be broken and markets will resume their uptrend.
However, if any index/ stock trade below previous high or closing level, then obviously it will be in a range bound trend and will trade between intraday support and resistance levels. We have provided these levels for major indexes on our Pivot Trading page. These pivot levels are:
- Pivot Levels for Dow Jones
- Pivot Levels for Nasdaq 100
- Pivot Levels for Russell 2000
- Pivot Levels for S& P 500
Expect U.S. stock markets to trade either within yesterday’s range or continue to climb high, adding gains to this week and month’s high levels.
Day traders should let markets create an intraday trend, then trade with that trend within important range levels.