Aug 29, 2014, 9:21AM EDT
I’m in a very foul mood today !!! Grrrrrrrrr!!
I am a workaholic and I hate long weekends! And this weekend is going to be the longest! Starting from Indian stock markets today and stretching till U.S. markets on Monday! Who made such crazy, compulsory holiday rules?! I hereby declare them expelled from the universe of stock markets. (now, that feels a bit better )
Thankfully, European markets have started declining on some disappointing reports from the U.S. economy, and hopefully, we can look forward to a bigger trading range in U.S. markets today. Personal Spending and Personal Income numbers have come lower than expected from the U.S. economy and that brought down U.S. stock futures from their earlier highs, though futures are still trading positive.
Going by yesterday’s trading pattern in U.S. markets, I don’t expect any big loss in these markets today. in their last session, after a big gap down opening, and Dow Jones falling nearly -100 points; U.S. markets recovered from those low levels and continued to recover and closed with a green candlestick on charts, even though numbers were showing a negative session in markets. That meant that markets found good buying pressure at low levels and buyers dominated the session.
Today also, we might see U.S. indexes roam around in their rang of last two session. All indexes will face resistance at high levels of yesterday. For S&P 500, that is 1999.10, and for Dow Jones 17,120 will be a big challenge to cross. In case markets see profit booking, last session’s low level might provide a strong support. Sell at high might be a better trading idea, can’t say the same about “buy at low” trading strategy. Ukraine problem is very much alive and trader would not want to leave money on the table before a longer weekend.
Get ready for an action packed session in U.S. markets and enjoy the trading opportunities!
See you later.