The market looks bearish following the bad reports from major players like Tesla, and the investors' sentiments seem to shift towards the the other markets like bonds and gold.
However, the impending financial crisis has yet to come. Throughout the year, the country has experienced a few healthy retracements following the news of the ongoing trade war, but these bear periods do not seem to extend over a few months. Further, we can expect the feds to lower rates to protect the US economy.
The price seems to be testing the support, which presents itself as a good price. We are looking at a take profit at 2950, as there has been proven structure of resistance earlier this year.
However, the impending financial crisis has yet to come. Throughout the year, the country has experienced a few healthy retracements following the news of the ongoing trade war, but these bear periods do not seem to extend over a few months. Further, we can expect the feds to lower rates to protect the US economy.
The price seems to be testing the support, which presents itself as a good price. We are looking at a take profit at 2950, as there has been proven structure of resistance earlier this year.
Trade closed: stop reached:
The trade war seems to have intensified with China not backing down. Fret not! we are still looking at support at 2720, which will hold should Trump not slam the hammer on China or vice versa