Hello traders everywhere. Overall the stock market was having a good week and was looking to close near record highs, but alas the potential for the implementation of tariffs totaling over $200 billion on Chinese goods has once again spooked the markets. News surfaced to today that President Trump has instructed his aides to go ahead with his China tariff plan. This move comes despite U.S. Treasury Secretary Steven Mnuchin's attempt to restart talks with Beijing to resolve the trade war that we are in.
The S&P 500, DOW and NASDAQ will all post weekly gains of around +1%, +.70%, and +1% respectively after bouncing back from weekly losses last week.
Even though the dollar is higher today, it's trading lower for the week losing -.44% on the week. Crude oil has backed off the weekly high of $71.26 to trade in the $68 range after experiencing a rash of hurricane buying mid-week as hurricane Florence was barreling down on the Carolina's but quickly sold off those highs. Gold is relatively unchanged for the week and is currently trading around the $1200 level.
Bitcoin is putting up a good fight and staying above the $6000 level and currently trading at $6475 posting a weekly gain of +4.85% gaining back a little of -13% loss last week.
Key Levels To Watch Next Week:
S&P 500 (CME:SP500): 2,864.12
Dow (INDEX:DJI): 25,754.32
NASDAQ (NASDAQ:COMP): 7,873.93
Gold (NYMEX:GC.Z18.E): 1,197.60
Crude Oil (NYMEX:CL.V18.E): 67.94
U.S. Dollar (NYBOT:DX.U18.E): 95.68
Bitcoin (CME:BRTI): 6,117.30