9 August 2019 (8:50 am IST)
8 August 2019 (11:19 pm EDT)
US stock markets built on their previous support and had an impressive rally in their overnight session. Dow Jones reclaimed 26,000 and closed much higher than this important support.
That rally has supported world stock markets in this session and in spite of highly negative US stock futures, other markets are trading mostly positive on their local cues. Traders have even ignored the lower mid-point of yuan set by China for today.
Now, it seems, support is getting stronger in world stock markets as US stock markets bounce back after their recent fall. Day traders should focus on their local index and trade with its own support and resistance levels.
At the time of writing, major Asian stock markets are trading mixed, but mostly positive. SGX Nifty is flat, indiacting a support for Indian stock markets. US and European stock futures are considerably negative, which is not unusal after previous session’s rally so nobody is bothered about these numbers. also, there is no ceratinity that these lower numbers will continue through the session.
Expect world stock markets to trade within their weekly or daily range in this last session of the week. Market volatility could remain high like recent few sessions.