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E-Mini Dow

Wall Street was set to open lower on Friday as China’s threat to impose tariffs on $75 billion worth of U.S. goods ratcheted up trade tensions ahead of a highly anticipated speech by Federal Reserve Chair Jerome Powell. 

China’s commerce ministry said it would impose additional tariffs on a total of 5,078 U.S. products that include agricultural products, crude oil, small aircraft and cars. Tariffs on some products would take effect on Sept. 1 and others on Dec. 15.

At 8:41 a.m. ET, Dow e-minis were down 126 points, or 0.48%.

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Plan A : Continue to short as long as market stays below 25692
Plan B : Cut above 25725. Targets seen at 25655, 25615 & 25570.
Plan C : Attempt to buy if market rebounds from 25599.
Plan D : Cut below 25564. Targets seen at 25635 & 25675.

E-Mini S&P 500

The S&P 500 fell 75.84 points, or 2.6% to 2847.11. The index is now down 4.5% for the month. It's still up 13.6% for the year. The broad sell-off sent the S&P 500 to its fourth straight weekly loss.

Asian markets plunged in early trading Monday, as the trade war between the U.S. and China heated up. The tumbling began after Trump responded angrily on Twitter following China's announcement of new tariffs on $75 billion in U.S. goods. 

On Friday, President Donald Trump raised tensions by announcing he would raise tariffs on $250 billion of Chinese goods to 30% from 25% starting Oct. 1, and hike tariffs on another $300 billion in Chinese imports to 15% from 10%, in two stages, on Sept. 1 and Dec. 15.

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Plan A : Sell if market failed to support above 2859.75. Targets are 2844.25, 2833.75 and 2822.75.

Entry : Below 2851.25, do not enter.

Plan B : Buy if market retraced but supported above 2859.75. Targets are 2874.25, 2885.25 and 2896.00.

Entry : Above 2867.25, do not enter.

E-Mini Nasdaq

Friday's session closed with the Nasdaq Composite Index at 7751.77, down 239.62 points or -3%. The total shares traded for the Nasdaq was over 2.15 billion. Declining stocks led advancers  by 5.14 to 1 ratio.

Equity futures tumbled as trading resumed Monday, with investors struggling with the increasingly complex task of assessing the impact of a trade war on the economy and corporate profits.

The Nasdaq 100 Index closed down 3.15% for the day; a total of -242.44 points. Hasbro Inc. had the largest percent change down 8.94% while Intuit Inc. had the largest percent change gain of 1.1%.

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Plan A : Sell if market failed to support above 7593.25. Targets are 7552.25, 7520.75  and 7492.50.

Plan B : Buy if market retraced then later supported firm above 7530.25. Targets are 7569.75, 7601.25 and 7632.50.

Plan C : Buy if market did not retrace much and supported firm above 7637.25. Targets are 7677.25, 7708.25 and 7738.25.

Cathay Pacific Airways, which is caught in the crosswinds between authorities in Beijing and anti-government protesters in Hong Kong, must put an end to “all forms of white terror”, trade unions in the Chinese-ruled city said on Friday. 

The carrier has become the biggest corporate casualty of the protests after China demanded it suspend staff involved in, or who support, the demonstrations that have plunged the former British colony into a political crisis.

Shares of the airline were down more than 1%, lagging a 0.6% gain in the benchmark Hang Seng Index.
 

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Disclaimer: This information is intended to assist professional investors. News are credit courtesy of Reuters, Nasdaq.com, Bloomberg, CNN, Market Watch, FT.com, the Star online, forbes.com and CNBC. The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correctaysion, completion and amendment without notice.As with all investments, there are associated risks and you could lose money investing. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment.