WALL STREET: U.S. stock indexes fell on Friday after President Donald Trump said he’s ready to impose tariffs on essentially every good that’s imported from China. The S&P 500 index fell 0.2 percent to 2,871.68, ending the day with its fourth straight loss. The Dow Jones industrial average shed 0.3 percent to 25,916.54. The Nasdaq composite was 0.3 percent lower at 7,902.54.
US-CHINA TRADE: Trump told reporters on Air Force One that the potential tariffs were “ready to go on short notice if I want”. Such a step would significantly escalate his trade war with Beijing and would likely increase costs for a broad range of U.S. businesses and consumers. The Trump administration is already poised to slap tariffs on $200 billion worth of goods from China, such as handbags and bicycle tires The U.S. has already imposed tariffs on $50 billion in Chinese imports, for which Beijing has retaliated with an equal amount of import taxes on U.S. goods.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 25,282.54.
The projected upper bound is: 26,340.61.
The projected lower bound is: 25,564.42.
The projected closing price is: 25,952.52.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 32 white candles and 18 black candles for a net of 14 white candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 50.5905. This is not an overbought or oversold reading. The last signal was a sell 4 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 59.09. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 148 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 3. This is not a topping or bottoming area. The last signal was a sell 5 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 1 period(s) ago.
Rex Takasugi – TD Profile
DJ INDU AVERAGE closed down -79.330 at 25,916.539. Volume was 4% below average (neutral) and Bollinger Bands were 2% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 25,982.02 25,327.20 24,897.11
Volatility: 8 10 18
Volume: 244,867,968 255,310,528 355,687,136
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
DJ INDU AVERAGE is currently 4.1% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of .DJI at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .DJI and have had this outlook for the last 39 periods.
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