May 31, 2016, (9:26AM EDT)
Just before the opening bell in U.S. markets, a number of reports from the U.S. economy have arrived with positive numbers.
These numbers are expected to keep major U.S. indexes range bound as now everybody in financial markets is waiting for the ECB’s meeting day after tomorrow and the Fed’s crucial meeting next week.
European markets have already become range bound at the top of their current range and are trading with slightly negative numbers.
U.S. markets are also expected to follow a similar pattern, either slightly negative within their previous range, or may be a trend reversal from current higher levels.
It will be make a very interesting pattern on technical charts if U.S. markets open high and close low today. Because then, the possibility of a “Double Crow” trend reversal pattern might emerge if these markets open with a gap down on Thursday.
DAX (Germany) and Nifty (India) are also on the verge of developing such trend reversal pattern. But that will still be dependent on two more closings.
For Dow Jones, 17,928 marks as a bigger resistance while 17,828 has been its major support in last 2-3 sessions.
These levels will mark the immediate trading range in this mega index and broader U.S. markets.
Watch these levels and trade with the trend.
Good luck, enjoy the session!