Hello traders everywhere. All three major indexes will end the week in negative territory after suffering a one-two punch from the Fed and President Trump. The move lower started on Wednesday when the Fed announced that they were cutting the key interest rate a quarter-point in effort to keep economy on track. That news caused all three major indexed to finish -1% lower on the day with the S&P 500 triggering a new red weekly Trade Triangle at the end of trading that day indicating a move to a sidelines position.
Thursday morning saw a bit of optimism with stocks climbing higher in early trading only to be chopped down when President Trump tweeted "Trade talks are continuing, and during the talks the U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country. This does not include the 250 Billion Dollars already Tariffed at 25%". That news sent the DOW lower losing -1% or 280pts on the day triggering a new red weekly Trade Triangle as it joined the S&P 500 on the sidelines.
The stock market continues to move lower as we end the trading week lower culminating with the NASDAQ joining the S&P 500 and DOW triggering new red weekly Trade Triangle after losing -1.39% as we head into afternoon trading. As we stand stocks are on pace to have their worst week of the year with the S&P 500 and DOW losing over -3% and the NASDAQ losing over -4%.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 3,027.98
- Dow (INDEX:DJI): 27,398.68
- NASDAQ (NASDAQ:COMP): 8,339.64
- U.S. Dollar (ICE:DX): 96.74
- Gold (NYMEX:GC.Q19): 1,416.00
- Crude Oil (NYMEX:CL.N19): 57.98
- Bitcoin (BITCOIN:BITSTAMPUSD): 11,370.78