19 May 2020 (7:56 am IST)
18 May 2020 (10:26 pm EDT)
US stock markets had a massive rally in their overnight session after positive news about a coronavirus drug trial enthuse those markets.
Dow Jones rallied more than 900 points, but still stayed within the current trading range.
Likewise, Asian stock markets are also trading high but it is more of a sideways trend than a breakout.
SGX Nifty is almost 200 points higher, erasing yesterday’s losses and thus staying in the previous range.
US and European stock futures are showing minor negative numbers, which is natural after a rally in trhe previous session.
Now, day trading strategies can be different based on different trading pattern even in positive markets. For example, markets that are fundamentally weak, will face resistance at higher levels. But other markets may continue to rise through the session.
Day traders should consider the weekly trend in their local index and based on that, trade in today’s session with the intraday trend.