8 September, 2021 (8:05 am IST)
7 September, 2021 (10:34 pm EDT)
World stock markets are repeating their previous mixed trend.
In Asia, markets are trading mixed, just as the US Stock Market had a mixed closing in their overnight session.
In that session, Dow Jones had lost 260 points and Nasdaq closed 10 points up.
in US stock markets, Dow Jones had broken the weekly range and fallen below the average line of this range. But the RSI signal of this mega-index is trading in the middle of the high and low zones, so there is no risk of Dow Jones being overbought or oversold right now. Nasdaq and S&P 500 are also showing normal RSI patterns.
Dow Jones has a support zone between 35,200 and 34,900. On Dow Jones futures charts, the numbers are making a “reverse Head and Shoulder” on a 15 minute time frame at this hour. That suggests a buying support at current levels. If the current positive numbers continue to go up, we may see a positive return in Dow Jones on Wednesday.
In Asia, markets are trading on their regional cues. Japan’s markets are rallying because their economic growth numbers have been revised upward. Australia and South Korea markets are still negative and China and Hong Kong markets are trading positive .
SGX Nifty is 50 points positive, but still range bound.
How To Day Trade Today:
- Just like yesterday, day traders should focus on their local stock markets and its trend, because there is no single global trend right now.
- All stock markets are trading based on their local factors.
- So, if your markets are trading up, trade with that trend friend and open long positions.
- If your markets are slipping down, follow that trend line and open short positions.
- If your local markets are range bound, do not do anything and avoid trading in this trend.
World stock markets are churning, which is one step ahead from last week’s range bound trend. Day trading is easier in such mixed trends because different markets give different trading opportunities. The important thing is to spot these trends correctly and trade with the minor trend.