The major U.S. indexes moved lower over the past week. Last weekend, The New York Times and The Observer reported that 50 million Facebook profiles were harvested to help President Trump’s campaign and pro-Brexit agendas through Cambridge Analytica, sending shares of Facebook, Inc. 9.6% lower this week. President Trump shook the markets on Thursday after announcing $60 billion in tariffs on China and on Friday when he threatened to veto the spending bill.
International markets were lower over the past week. Japan’s Nikkei 225 fell 4.9%; Germany’s DAX 30 fell 3.8%; and Britain’s FTSE 100 fell 2.6%. In Europe, Eurozone businesses ended the first quarter with their slowest growth rates in over a year thanks to a lofty euro valuation. In Asia, China called the United States a repeat abuser of world trade rules, and if the Asian economic giant decides to retaliate, it could start a trade war over the coming weeks. (See also: Why the Stock Market Exodus Has Only Begun.)
The SPDR S&P 500 ETF fell 5.3% over the past week. After briefly surpassing prior highs, the index moved sharply lower below the 50-day moving average and pivot point to retest prior lows. Traders should watch for a rebound from these levels to retest the pivot point at around $268.14 or a breakdown from trendline support and the 200-day moving average at $255.95 to fresh lows. Looking at technical indicators, the relative strength index (RSI) moved to oversold territory at 30.30, while the moving average convergence divergence (MACD) experienced a bearish crossover.
The major U.S. indexes declined over the past week as Facebook shares plummetted and tensions heightened around global trade. …read more
Read more here: Stocks Move Sharply Lower Amid Rising Tensions
Category: FB, SPY, DIA, QQQ, IWM