s and p 500

S&P Market Analysis: SPX Rises on Talk of Talks

Stocks recovered early Monday, at a shortfall of pre-market loss, after Trump said negotiations would resume after the United States was receiving two “very good calls” from Beijing, although the Chinese said that they are aware of any phone calls. However, Chinese vice-president and the main trade negotiator, Liu He, called for a relaxed conversation and an argument in a speech.

When asked if he would be thinking about delaying or canceling tariffs on China, the president said that “anything can be done.” Trump.

Trump’s comments follow Friday’s sharp loss session on Friday stocks, after Trump responded to Twitter on the Chinese decision to levy revenge tariffs, stating that he had ordered “US” for US companies alternatives to China seek and try to bring domestic manufacturing activity. Trump also announced after Friday that the United States would increase tariffs to the value of $ 250 billion for Chinese goods to 30% from 25%, while tariffs of $ 300 billion would come from China to imports. 15% from 10%.

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s and p 500
s and p 500

General Analysis: S&P 500 is on a Downtrend

SPX is falling. The closest resistance level is 2805.7. Stock markets are under pressure of poor economic statistics: thus, the business activity index published last Friday showed the worst values ​​since 2009, falling below 50 points.

The second negative point was the deterioration of trade relations between the United States and China. Beijing announced the possibility of increasing duties on a number of American goods totaling $75 billion. Customs tariffs may increase by 10%, and some of them may come into force on September 1. Washington reacted sharply to such plans and announced its readiness to take retaliatory steps.

As for Jerome Powell’s speech at the Jackson Hole symposium, here the market participants were disappointed, as the head of the Fed did not report concrete steps to further reduce interest rates. Powell said that the regulator would closely monitor the development of the situation, and if the US economy slowed down, it would take action immediately but for now, the risks of financial instability remained moderate.


Support and resistance

Stochastic is around 42 points and does not give signals for opening trade positions.

Resistance levels: 2849.0, 2933.9.

Support levels: 2805.7, 2766.5.

Trading tips

Short positions can be opened after the breakdown of the level of 2805.7 with the target at 2766.5 and stop loss 2815.5.

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