The S&P 500 Sits Indecisive as G20 Summit Looms
To be honest, I have been looking for another opportunity to get short the market. We've had quite a pump this week after bouncing off my prior target, but there is tomorrow's 800 pound gorilla in the room.
The G20 Summit
About 15 hours from the time of this post the G20 summit kicks off in Buenos Aires, Argentina. There are many top politicians from around the world meeting up to discuss several important topics.
However, in regard to the U.S. market it is all about TARIFFS.
Trump is in full swing with the trade war and the main linchpin is China.
If he cannot come to terms with China then further tariffs are already deemed to be happening. Trump has already said he is ready to impose tariffs on another $267 billion of trade with China and it's not unlikely another $200 billion next year.
U.S Stock Market Coin Flip
I actually considered putting on a short position on the S&P 500 today. Price has pumped up to the 10 day moving average fast and we basically got a big doji (indecision) candle today.
However, none of that really matters because the price action tomorrow will be dictated by what comes out of the G20 Summit.
Given we don't know exactly when and what will be leaked or announced officially - I'll pass on the gamble as that essentially is what it is.
Either way it should provide a spark for the next move up or down.
Published by ScaredyCatGuide
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Will be interesting to see what Trump and team do to spin this as I feel that they are just saying what the market wants to hear. Scary to see the Fed adjusting their wordings at the same time the President is critical of its Chairman.
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Yeah.....I wish the FED would stop raising all together, but that's just cus I want my leverage to stay cheap, cost of credit rising.