"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 7 hours Will Regulatory Rollbacks Make Banks 'Too Big To Fail?'
  • 8 hours Elon Musk’s $2.6 Billion Tesla Challenge
  • 9 hours Tech Giants Could Be First Victims Of U.S. Trade War
  • 10 hours Dow Gains Despite Fed’s Rate Hike
  • 11 hours The Biggest Threat To Chinese Oil Futures
  • 13 hours Spending Bill Could Cause U.S. Debt To Soar To 99% Of GDP
  • 14 hours Precious Metals Slide Ahead Of Fed’s Interest Rate Decision
  • 16 hours China’s Soft Power Grab May Be Bad News For Emerging Economies
  • 1 day The Secretive Wall Street Firm Betting On Bitcoin
  • 1 day ‘Data Is King’: The Oil Industry’s Next Most Valuable Resource
  • 1 day Google Invests $300 Million To Combat Fake News
  • 1 day Zuckerberg Dodges A Bullet As Facebook Loses Billions
  • 1 day Tesla Tumbles As Investors Lose Patience
  • 2 days Are Alt-Coins On The Verge Of A Break Out?
  • 2 days What Should Gold Investors Expect From The New Fed Chair?
  • 2 days Who Will Pay For Trump's $60 Billion China Tariffs?
  • 2 days Vladimir Putin’s Mysterious Fortune
  • 2 days Cryptos Resist Social Media Crackdown
  • 2 days The Death Of Dodd-Frank
  • 2 days Bitcoin Bounces Back Ahead Of G20 Meeting
Markets Slide Sideways As Trade War Fears Linger

Markets Slide Sideways As Trade War Fears Linger

Despite technology stocks hitting new…

The State of the Trend

Last week's target band for the SPX range, based on Hurst Channels, was 1344-1355 on the upside, and 1294-1306 on the downside. The high of the index came in at 1345, and the low at 1298.

The conclusion was that for the daily uptrend to continue, SPX needs to claw its way back within the uptrend channel. That did not happen, and the index continues to trade within a downward sloping channel with immediate support at the 1294-1297 level.

Trends Analysis
Larger Image

The damage can be seen on the weekly chart as well.

Trends Analysis
Larger Image

Interestingly, however, the same weekly chart shows that the weekly trend is still intact. For that trend to be broken, the SPX needs to drop below 1233-1230. But before that, however, SPX first needs to break below channel support at 1283 and 1276.

Considering the short-term oversold nature of this market, this does not appear likely for next week.

Trends Analysis
Larger Image


Back to homepage

Leave a comment

Leave a comment

Sign Up For The Safehaven Newsletter