Wall Street indices erased early gains and turn lower with the Dow Jones currently trading -0.07% lower at 26,699. The S&P 500 is little changed at 2,963, while the Nasdaq gives up 0.11% at 8,082 as the initial optimism following the US – China trade truce faded and President Trump now sets his sights on Europe. The Office of Trade proposed a list of additional products for tariff countermeasures that covers an estimated $4B, including, cheese, whiskeys and wines. The United States ISM-New York Business Conditions Index increased from 48.6 to 50 in June. The IBD/TIPP Economic Optimism, Month over Month, increased to 56.6 in July from previous 53.2 also the United States Redbook Index, Year over Year, climbed from previous 5% to 5.5% in June 24.
Nasdaq trading above all the key daily moving averages and the bulls are ruling the game for the short term while for the midterm is on a rising trend channel. On the upside immediate resistance is at the weekly high around 8,150 while more offers will emerge at 8,170 the yearly high. On the downside Nasdaq first support stands at 7,862 the 50 day moving average while extra bids will emerge at 7,769 the 100 day moving average.
European Indices close flat for the day but FTSE 100 added 0.82 percent to 7,559 as the pound dropped below 1.26. Crude oil sell off intensifies in US trading session, it gives up over 3.5% at 57.11 as the OPEC+ meeting in Vienna ended with the expected output cut.Don’t miss a beat! Follow us on Twitter.