Wall Street closes in the red on trade war angst
|
- The Dow Jones Industrial Average DJIA shed 237.92 points, or 0.9%, to 25,347.77.
- Trump said on Chinese products could go up “very substantially.”
Wall Street gave up gains, plummeting midday on trade war noise as the news hit the wires that Trump, speaking at a joint news conference Monday in Tokyo with Japanese Prime Minister Shinzo Abe, said the U.S. wasn't ready to make a trade deal with China. “They (China) would like to make a deal. We’re not ready to make a deal,” Trump said, according to Bloomberg. He added that tariffs on Chinese products could go up “very substantially.” as a result, The Dow Jones Industrial Average DJIA, -0.93% shed 237.92 points, or 0.9%, to 25,347.77, while the S&P 500 index SPX, -0.84% fell 23.67 points, or 0.8%, to 2,802.39. The Nasdaq Composite Index COMP, -0.39% dropped 29.66 points, or 0.4%, to 7,607.35.
DJIA levels
While below the 26000 psychological target, (50% Fibo of May swing high low range), short term stochastics had corrected higher giving more room for the bears to capitalise upon. A break to the 25200s guard a run to 24500s and then 50% of the upside run made at the end of Dec at 24150. On the upside, a break above 50% Fibo and 25620s and the descending resistance could be a challenge ahead of the 61.8% Fibo and 25700s. Bulls would then target an eventual break of 26000 which opens the 38.2% Fibo target at 26126 ahead of the 26300s, around the Nov and Fed peaks.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.