Trade Tensions Sink Stocks

Hello traders everywhere. China's answer to the latest round of tariffs that President Trump announced last week was to let the Yuan, China's currency, slide below the key 7-per-dollar level for the first time in more than a decade fanning fears that it could further aggravate an ongoing trade war.

The Dow plunged more than 600 points a few different times today losing over -2%, while the S&P 500 sank over -2% and the Nasdaq dropped -3%. The three indexes are on pace to post their biggest-one day loss since May 13. The Nasdaq is on track to fall for a sixth straight session, which would be its longest losing streak since late 2016. The S&P 500 headed for a six-day losing streak as well. The major indexes have also fallen more than 5% from their record highs set last month.

Bitcoin has mounted a comeback that started last week and culminated with a new green weekly Trade Triangle being issued at $11,370.78 signaling a move back to a long position. Bitcoin is currently up +5% backing up its +14% move last week. Is Bitcoin the new haven for China?

Key Levels To Watch Next Week:

Every Success,
Jeremy Lutz and