Market wobble on possible trade agreement, I'm with the Bear
hello, American and Chinese friends in TradingView, all the best to you guys and happy new year!
The market was floated, scoring some recovery on the good news that President Trump has twittered that the U.S. and China trade talks proceed well and likely reach a comprehensive agreement on disputed topics, like trade, IP protection, technology transfer, and so forth. Even I, as a Chinese, don't believe that any agreement will be able to alter the course of protectionism and state intervention in China. Many US stock investors share the same standpoint in SeekingAlpha. In addition to these troublesome disputes surrounding major economies, the slowing down of US economy should be sooner than most pundits expected, as shown by dropping real estate construction permits as a reliable leading indicator.
In terms of technical analysis, Nasdaq 100 moving high after Christmas, forming a classic rising wedge, which on this downtrend market is a bearish continuation structure. I'd expect that scenario 2 will play out in the coming days.
Good luck everybody in 2019, hope you guys can make a fortune by clutching tremendous trading opportunities in the bear market.
The market was floated, scoring some recovery on the good news that President Trump has twittered that the U.S. and China trade talks proceed well and likely reach a comprehensive agreement on disputed topics, like trade, IP protection, technology transfer, and so forth. Even I, as a Chinese, don't believe that any agreement will be able to alter the course of protectionism and state intervention in China. Many US stock investors share the same standpoint in SeekingAlpha. In addition to these troublesome disputes surrounding major economies, the slowing down of US economy should be sooner than most pundits expected, as shown by dropping real estate construction permits as a reliable leading indicator.
In terms of technical analysis, Nasdaq 100 moving high after Christmas, forming a classic rising wedge, which on this downtrend market is a bearish continuation structure. I'd expect that scenario 2 will play out in the coming days.
Good luck everybody in 2019, hope you guys can make a fortune by clutching tremendous trading opportunities in the bear market.
