Wall Street recovers from torrid start, global markets shaky
- 1 month ago
Wall Street finished Monday’s session in much better shape as it recovered from early lows, the Dow was as low as 500 points and the S&P500 and the NASDAQ both fell 81 points during trading.
The DJIA brought some slim gain of 33 points, or 0.1%, to close around 24,422 the S&P 500 SPX, +0.18% climbed by 0.2% to end the session at 2,637 based on preliminary numbers.
The NASDAQ Composite COMP meanwhile rose 0.7% to around 7,021.
While the DJIA remains submerged below both the 38.2% and 23.6% Fibo of the recent rout, bears can stay on top while daily RSI remains negative and eyes stay S2 at 23778. However, the long pin bar on the daily sticks below S1 should be a warning to bulls.
The global market sentiment is fragile on growth concerns as the issues clouding the landscape range from the ongoing standoff between Washington and Beijing, Brexit’s uncertainty and China’s tough words of ‘severe consequences’ referring to the arrest of Huawei’s CFO Meng Wanzhou as she is facing extradition to the U.S. on charges of international trade violations by attempting to use U.S. banks to move funds outside of Iran.
U.S. Trade Representative Robert Lighthizer aired his feelings that the current 90-day tariff deadline given to Beijing is a hard one to meet and that the Trump administration will not be delaying any further escalations if the two sides cannot agree by March 1.
The slowdown in Chinese export growth as the weekend’s data showed, may be an indicator that the bull market run may be running out of steam.
Source: Smart Trend Team