Outlook 06/19: Markets across the globe are flashing red, after U.S. President Donald Trump threatened to impose a 10 percent tariff on $200 billion of Chinese goods and Beijing warned it would retaliate, in a rapid escalation of the trade conflict between the world's two biggest economies. Trump's latest move, as Washington fights trade battles on several fronts, was unexpectedly swift and sharp.
It was retaliation, he said, for China's decision to raise tariffs on $50 billion in U.S. goods, which came after Trump announced similar tariffs on Chinese goods on Friday. "After the legal process is complete, these tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced," Trump said in a statement on Monday.
/ESU8 Value: YVAH 2780 YPOC 2775 YVAL 2770
/ES Plan: Yesterday market closed balanced but overnight profile is bearish (GBT 2715), moving below yesterday's range, so we've these options:
A) If market remains below LVN 2753 with bearish internals, become a seller leaning on 2753-54 towards HVE 2743 ONL 2735.75 and GAP 2733.75 'Look above and fail' is a bearish signal.
B) If market starts to move above LVN 2753 with bullish internals, become a buyer around 2753-54 towards YLOD 2761 YVAL 2770 and ONH 2780.25 'Look below and fail' is a bullish signal.
Today's Economic Calendar
11:30 52-Week Bill auction
11:30 4-Week Bill auction
Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.
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