29 June 2017 (8:40 AM IST)
28 June 2017 (11:10 PM EDT)
At this time in Asia yesterday, the trend looked gloomy as U.S. stock futures traded highly negative and Asian markets dropped too.
Then just before their opening bell, U.S. stock futures went into reverse gear and U.S. markets rallied happily as banking industry passed the Fed’s stress test.
Today, Asian markets are also reflecting that positivism and all major Asia indexes are trading in green. SGX Nifty is also trading high, indicating a positive opening in India markets soon.
U.S. stock futures are trading with healthy gains, BUT European futures are showing only single digit gains. Going forward, the global trend could be dominated by European markets. major European indexes may rally, or turn range bound, or slide again.Their trend could affect U.S. stock futures too.
So trader should watch resistance levels today (as opposed to support levels, which we watched yesterday in lower trend) and look out for signs of trend reversal.
Overall, global markets remain in a broad range and the trading pattern remains highly volatile, swinging between same support and resistance levels. If you use charts, you can easily identify these levels.
Watch those levels today also and trade with the short term trend.
Good luck, enjoy the session!