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The currency war
Today was a hellish day for the bulls. The headline at WSJ sums up the reason for the panic: “Trade War Becomes Currency War: That was the ugly message Monday in financial markets, which sold off world-wide after China devalued the yuan following Mr. Trump’s threat of 10% tariffs on $300 billion in Chinese goods.”
$VIX $VXN charts today showed that volatility has gone from “rising fear” to “real panic”. $SPX $NDX $RUT all gapped down at open and sold off hard. Market internals suggest that even if we get a short-term bounce, stocks are still primed for more selling for a while.
Let’s dig into the details.
The rest of this article covers:
Updates from market internals
Support and resistance levels
How to approach your trades
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