9 July 2019 (8:52 am IST)
8 July 2019 (11:23 PM EDT)
After an overnight negative closing in US stock markets, world stock markets have opened with negative numbers and this week’s negative trend is continuing in global stocks.
Almost all major Asian stock markets are trading negative. SGX Nifty is also slightly down, indicating that the negative trend in Indian stock markets will continue. US and European stock futures are also down showing no signs of recovery after the previous negative session.
Us stock markets are turning brown from their range resistance levels, which indicates a technical downtrend. There has been no good news strong enough to enable these markets to break out from their previous year’s range, but the negative news about Deutsche Bank has been spooky enough to send US and global stock markets down.
The traders should cautiously watch both support and resistance levels using Moving Averages as the trend line. The bigger time frames are showing a downtrend day traders can wait for selling opportunities when markets show slight bounce and again turn down from resistance levels.
Expect world stock markets to trade with a negative bias. The intraday trend in US stock futures may dominate global stock markets.