8 April 2020 (8:17 am IST)
7 April 2020 (10:52 pm EDT)
US stock markets had a “higher open, negative closing” overnight session where traders booked their profits, taking advantage of two sessions’ gains. Remember, this is going to be a short trading week as major stock markets will be closed for Good Friday in the last trading session of this week.
Dow Jones’ chart shows that the index opened much higher than the current range top (breakout), then profit booking pushed this index down to close within the current range. In line chart, this shows a flat closing.
After Tuesday’s huge rally in world stock markets, this pause is natural for global stocks. At the time of writing, major Asian stock markets are trading mixed. SGX Nifty, which had a mountain-high rally yesterday, is down by 160 points.
US stock futures are also trading mixed. European stock futures are following this mixed pattern.
World stock markets are expected to trade with a choppy trend. The best day trading strategy will be, follow the trend in your local markets and trade cautiously. After yesterday’s uptrend, this is a sideways trend so don’t be greedy to earn as much profits as you did in the previous session.