4 October 2019 (8:59 am IST)
3 October 2019 (11:28 pm EDT)
US stock markets found support in their overnight session and after an initial drop, recovered all those losses and closed positive. On charts, this has made a “bottom hammer” candlestick which indicates strong support and often, a bullish reversal.
But Asian stock markets are still trading cautious, with mixed numbers. SGX Nifty is 30 points higher, indicating that Indian stock markets are also finding support at their current levels. US and European stock futures had started with green numbers, that are now turning slightly lower.
Overall, this session looks choppy and mostly on technical and local cues. The support in US stock markets has taken some worry away from global stocks. Day trading should be based on local technical cues and factors and day traders should follow the trend in their local stock markets.