Prices pulled back to text the TA today after word of more tariffs coming to Chinese exports. The move looks like a correction so I continue to expect a challenge to ATH in the near term. If there is any concession by China it will be a reason to rally but I don't really see them changing positions anytime soon. China thinks of terms of decades, multiple decades in fact. Trump's time horizon is a few years at most and I don't think China will be making any meaningful sacrifices for a market that is 19% of their total exports which could potentially affect the other 81% of their exports. Additionally, China's economy is now primarily dependent on services so they are now longer reliant on exports as in the past. If Trump had created a coalition with other countries then they would have had a shot at changing Chinese industrial policy. So there will be a lot of noise on the issue but nothing will be done and in the end the US consumer pays more until manufacturing relocates to Vietnam or Thailand (they won't be relocating here anytime soon despite Trump's promises).
Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bullish
* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking
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