Global equity markets were mixed in the overnight with trade tensions weighing down on Chinese markets and Germany reporting manufacturing orders down 4% in June. On Friday, China threatened to impose tariffs of 5% to 25% on an additional $60 billion of U.S. goods, which brings the total value of goods under threat of tariffs to $110 billion. Heightened protests were observed in recent days in cities across Iran in response to poor economic conditions. Markets have been buoyed by strong corporate earnings, as well as Apple reaching a market capitalization milestone with 80% of S&P 500 companies beating expectations and Warren Buffet’s Berkshire Hathaway the latest to report strong earnings. The S&P continues to forge higher highs and is closing near the July highs but is near overbought levels with resistance around 2847 and near-term support around 2832.
E-mini S&P 500 Sep ’18 Daily Chart