Higher tariffs could put up prices
The US stocks are sliding on the back of the tarriff/trade war concerns. It may also be moving on the fear of higher inflation caused by the higher import prices of exports. For the steel/aluminum industry it is good. They can compete but there are consequences as well.
The S&P index is down -26 points to 2688. The low reached 2681. What did the slide do to the technical picture for the SPX?
Looking at the hourly chart, the price moved below its 100 hour MA (blue line) after holding above the line earlier in the day. That MA comes in at 2704.04 currently. A move above is now needed to turn the bias around - at least in the short term.
The 50% of the move higher off the low comes in at 2660.92. That is the next target on the downside. A move below that level should increase the bearish bias.
The Nasdaq is down -70 points or -0.97%.
The Dow is down -343 points or -1.36%.
