9 September 2019 (9:10 am IST)
8 September 2019 (11:39 pm EDT)
As we had discussed in our previous post, world stock markets have lost their strong momentum from the last week, and are struggling for a direction in this first session of a new week.
At the time of writing, major Asian stock markets are showing thin gains. Only Nikkei (Japan) is 100 points up, Hong Kong is negative and other markets are trading with minor positive points.
Likewise, US and European stock futures are also positive but with marginal gains and struggling in a range. There is no certainty if these gains will translate into a positive session for these bigger markets.
SGX Nifty is flat/ negative, facing technical resistance and waiting for Indian stock markets to open and decide on a trend.
World stock markets are waiting for the European Central Bank’s meeting later this week and its new stimulus program. There is now news how big this program will be and that fact can keep world stock markets volatile and range bound. A trend at this time, at least an uptrend, seems unlikely in this waiting period.
Day traders should watch their local trend and follow it with the help of technical indicators.