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The market made a lower low today testing its 50 DMA at 2948 before bouncing back a bit towards the end of the session. Right now, the 50 DMA is an important level everyone is watching. If we see further selling that closes below this moving average then we should see prices go down to 2800's fairly soon. However, if the low made today manages to hold further selling then we might see the market attempt to reverse its bearish bias. There are more reasons to sell now than to buy but who knows. Maybe a China "trade deal' will be announced soon and that will help the market. On the other hand, I don't see Trump digging himself out of his latest mess. If he is not held accountable, what prevents politicians from soliciting favors from China, Russia, Israel, Saudi Arabia, etc. to help their campaigns? Not only will they be owing favors to their corporate donors but to foreign governments too. You don't have to be political to understand why this was a big lapse of judgement by the genius.
Have a great weekend!
Short Term Trend = Bearish
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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