Hello traders everywhere. China's answer to the latest round of tariffs that President Trump announced last week was to let the Yuan, China's currency, slide below the key 7-per-dollar level for the first time in more than a decade fanning fears that it could further aggravate an ongoing trade war.
The Dow plunged more than 600 points a few different times today losing over -2%, while the S&P 500 sank over -2% and the Nasdaq dropped -3%. The three indexes are on pace to post their biggest-one day loss since May 13. The Nasdaq is on track to fall for a sixth straight session, which would be its longest losing streak since late 2016. The S&P 500 headed for a six-day losing streak as well. The major indexes have also fallen more than 5% from their record highs set last month.
Bitcoin has mounted a comeback that started last week and culminated with a new green weekly Trade Triangle being issued at $11,370.78 signaling a move back to a long position. Bitcoin is currently up +5% backing up its +14% move last week. Is Bitcoin the new haven for China?
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 2,728.81
- Dow (INDEX:DJI): 24,680.57
- NASDAQ (NASDAQ:COMP): 7,292.22
- U.S. Dollar (ICE:DX): 96.74
- Gold (NYMEX:GC.Q19): 1,442.50
- Crude Oil (NYMEX:CL.N19): 56.05
- Bitcoin (BITCOIN:BITSTAMPUSD): 9,111.00
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
