The escalation of trade war send the market down
Yuan weakens against U.S dollar above 7 for the first time indicating the country abandoning hope for a trade deal between U.S and China. Aside from the weakness, all state-owned companies directed to stop U.S agricultural import.
The trade war between the U.S and China seems will intensify and no near-term solution is seen yet. Under the current situation, the stock market might plunge further lower.
Asian & European Stock market
Asian stock market clouded by fear. Japan’s Nikkei down 366.87 points (-1.74%) to 20,720.29, China stock market down 46.34 (-1.62%) to 2,821.50, and Australia ASX 200 down 128.30 points (-1.90%) to 6,640.30. European stock market follow Asian lead. DAX Germany down 1.68%, UK FTSE down 2.22%, Euro STOXX600 down 2.04%
Dow Jones Industrial Average (INDU)
Technically DJIA is located at the possible area for a bounce. If the index could not bounce from the daily SMA 100 then we might see further weakness toward SMA 200 before bounce possible. Judging from the index future which pointed down more than 300 points, we might see DJIA hanging near 26,000 at the end of the day.
Marvell Tech (MRVL)
MRVL had a solid performance this year after releases of major movies name. The share prices printed fresh yearly high and might continue added gains. At the current time, we have a bearish correction and the share prices traded at $25.00 also trendline support. Will MRVL bounce from both support levels?
Expedia Group (EXPE)
EXPE is in a bearish streak after the earnings report. No bullish reversal sign yet as the share prices hit SMA 50. It might extend the bearish streak and target SMA 100 also the trendline. If the bull could halt the drop at the trendline or SMA 100 then EXPE might start moving up.