Outlook 07/11: Down day for stocks across the globe after the Trump administration raised the stakes in its trade war with China, saying it would slap 10% tariffs on an extra $200B worth of Chinese imports. The new list appears to target Beijing’s important manufacturing export industries, going after electronics, textiles, metal components and auto parts. Food and personal sectors are also set to be affected, as well as beauty goods and makeup products. Calling the actions "completely unacceptable," China's commerce ministry said it was "shocked" by the latest U.S. trade action and would complain to the WTO.
/ESU8 Value: YVAH 2796 YPOC 2795 YVAL 2792
/ES Plan: Yesterday closed bullish (PBT 2801). After Trump administration tariffs annoucement (SoC 2796), overnight shows a bearish profile (GBT 2762), moving below yesterday's range, so we've these options:
A) If market remains below YLOD 2780 with bearish internals, try to sell leaning on 2780-81 towards HVE 2772 ONL 2765 and GAP 2763 'Look above and fail' is a bearish signal.
B) If market starts to move above YLOD 2780 with bullish internals, become a buyer above 2780 towards ONH 2787 and SoC-GAP 2796.50 'Look below and fail' is a bullish signal.
Today's Economic Calendar
10:00 Wholesale Trade
10:30 EIA Petroleum Inventories
01:00 PM 10-Year Note Auction
03:30 PM Fed's Williams Speech
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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