Market Overview

Friday's Market Minute: Trade War Turbulence

Friday's Market Minute: Trade War Turbulence

S&P 500 futures are poised to break a three-week losing streak amid sharp price swings from a heavily news-driven trading environment. Markets made another leg up on Trade War optimism in the overnight session ahead of President Trump’s meeting with Chinese Vice Premier Liu He today. The /ES closed above its 50-day SMA yesterday, and blew past the resistance zone near the May and June tops around 2,950. This area also was confluent with the 21-day EMA, which stalled rallies all week but now seems to have been broken. A strong close above the last highs at 2,959.50 could be significant for bulls.

In other futures markets, Crude Oil spiked over 2% yesterday, despite an EIA storage build. The contract seems to have a foothold above the 52 level, but now is near resistance at 54. The British Pound rallied over 3.6% in the past two session on positive Brexit comments from the Irish Prime Minister, helping push the U.S. Dollar down 0.75% during the same time and triggering a bearish MACD cross.

Gold once again slipped below the 1,500 level after a week of range-bound trading, while Copper surged 2.1% since Thursday’s open. The red metal’s bullish move and the corresponding 3.2% upswing in Emerging Markets futures (/MME) are likely more ripple effects from Trade War sentiment. But traders should remember that these Trade War ripples could quickly turn into a tsunami for either bears or bulls if we get some kind of major news heading into the weekend.

Information from TDA is not intended to be investment advice or construed as a recommendation or endorsement of any particular investment or investment strategy, and is for illustrative purposes only. Be sure to understand all risks involved with each strategy, including commission costs, before attempting to place any trade.

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Posted-In: tariffs TD Ameritrade TrumpNews Eurozone Global Markets General Best of Benzinga


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