The Bears Have an Edge in U.S. Stock MarketPosted 09/06/2018 11:34AM CT |
The overnight global markets were mixed with the Chinese market continuing to decline while the European and U.S. markets squeaked out minimal gains. The US stock market has not shown an obvious concern for the latest political problems of President Trump, overnight that issue looks to favor the short side. With fears of a crisis from emerging market currencies and fears of another round of tariffs, one should not minimize the importance of positive data today. As indicated already, the market remains within a downtrend channel of both domestic and international complications. So far, anxiety in the marketplace is not extreme and the latest political problem for the White house is not seen as a major threat. However, to throw off the downside bias, we would need to see strong numbers from the job sector data. Resistance comes in at 290000 and support at 287500.
E-Mini S&P 500 Sep ’18 Daily Chart