This trade war is going to hit the SPX hard in the next 6 months I think. SPX reached a new all time high and then collapsed. This demonstrates exhaustion to me. It is hard to see how further rate cuts can bolster this market as the trade war will have far more direct consequences on 1. Global GDP growth, US Company profits and USD rise.
It's entirely possible that the SPX will rise again (maybe even higher) as the longer term consequences of the Trade War kick in and the flight to quality sees demand for US equities. But if the short-term there will be risk aversion. I am also looking for trades in bullish DXY and bullish Gold.