19 April 2018 (8:30 AM IST)
18 April 2018 (11:00 PM EDT)
It looks like global stock markets have completed their technical bounce back and are reluctance to cross their monthly resistance level.
the trading pattern in U.S. stock markets followed this monthly resistance and had a mixed closing in their overnight session with Dow Jones closing with some negative numbers.
European stock markets also turned slow paced and their previous rally seemed to be fizzling out.
Today, the opening session in global stock markets is all green with positive numbers in Asian stock markets, SGX Nifty, U.S. stock futures and European stock futures. Despite that, global markets are showing a very slow paced trading pattern. Especially U.S. stock futures that are hardly moving from their current levels.
This indicates that the buying support has called down and works stock markets may consolidate at current levels. That will trigger a range bound trend and we will be back to watching resistance levels now.
Expect world stock markets to trade within their broader, monthly range. Intraday trading can remain highly volatile and the trend could fluctuate within daily pivot levels.
Local cues can influence intraday trend in absence of a strong global trend.