S&P500 Collapses Over 25% Tariffs – China Says it Will Hit Back
Global financial markets continue to trade “Risk- Off” sentiment as the trade war between China and the United States is ruling the global financial markets. The global stock trades dramatically bearish, following Thursday’s bearish momentum. The United States has intensified its trade war with China, inflicting tariffs on $200 billion worth of Chinese exports after trade discussions held in Washington disappointed to produce a breakthrough.
Duties on exports grew from 10% to 25% at 12:01 a.m. on Friday, triggering substantial sell-off in the stock exchange markets.
S&P500 – SPX Technical Analysis
So far, the SPX has dropped 8.70 points and -0.30% to trade at 2,860.72. The 50 periods EMA and bearish channel, both are supporting the bearish trend in SPX. Since we don’t have many EPS reports today, most of the focus will stay on the technical side.
On the 4 hour chart, S&P500 has formed a bearish channel which is providing significant resistance around 2,875 and 2,880. Whereas, SPX may gain double bottom support around 2,835.
Support Resistance
2851.7 2862.45
2847.61 2869.11
2836.86 2879.86
Key Trading Level: 2858.36
The idea is to stay bullish above 2,835 with a stop loss below 2,820 and take profit around 2,870.
Good luck!
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