8 May 2018 (7:15 AM IST)
7 May 2018 (9:46 PM EDT)
As expected U.S. stock markets traded in a range, especially Dow Jones stayed within a narrow range.
That confirms the overall sideway trend in U.S. stock markets that was created between the peak levels of January 2018 and lowest levels of February.
Global stocks have also been following almost similar sideways trading pattern and day trading has been highly volatile in this phase.
That volatile and range bound day trading pattern is expected to continue in world stock markets and different stock markets will follow their own intraday trading pattern, based on their own support and resistance levels.
At the time of writing, Asian stock markets are trading mixed. U.S. and European stock futures are flat. SGX Nifty is trading with some 20 points’ gains, indicating a flat/ positive opening in Indian stock markets today.
U.S. stock futures may still dominate the overall trend. Gains in those numbers could support global stocks but any big drop could trigger high volatility in global stocks.
Fibonacci levels (lon term range ) and pivot levels (intraday range) will continue to be best day trading tools and day trading systems.
Use those tools to find trade start and trade it levels in your local index and trade with the short term trend.