US Stocks: Negative Data Can Impact Daytrading, AT&T in Focus

21 December 2017 (8:33 AM EST)

U.S. stock futures had been trading with marginal gains, indicating a sideways pattern as far as daytrading is concerned.

But then today’s job reports can have a negative impact on intraday trend as Jobless Claims have gone up and the U.S. economy’s Q3 GDP numbers have been revised down to 3.2% from earlier 3.3%. This may have a negative impact on markets sentiment, which has already become subdued in last couple of sessions.

In stocks, AT&T (NYSE:T) is snatching headlines. After the passage of the GOP Tax bill, the company has declared a one time special bonus of $1,000 to its 200,000 U.S. workers, once the Tax bill becomes effective as law.Yesterday, AT&T had closed with  +1.31% gains and today in pre-market, the stock is trading with +0.36% gains. 

Overall, U.S. stock markets have turned rangebound and major U.S. indexes have been trading sideways in last few sessions. Nasdaq has been showing weakness and at times, this tech index has been a drag on other indexes too.

Although stock futures have not shown any indicating of slowing down even after negative reports from the U.S. economy, but nowadays markets do not exactly follow the same trading pattern after the opening bell.

So, daytraders should watch carefully how major indexes trade after the opening bell and accordingly playing their stock trading strategies. Take help of intraday support and resistance levels of major indexes for intraday trading. You can find these important levels on our “daytrading by pivot’ page Or, just check the levels here:

Dow Jones,

S&P500,

Nasdaq 100

Russell 2000

Expect U.S. stock markets to trade with choppiness. Till now, major indexes have been range bound. So the intraday trading will either remain confined within that range, or a renal breach- in either side, will create a short trend in these markets.

Good luck, enjoy the session!

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