By Chris Becker
Its beginning to look a lot like a crash. Wall Street closed Friday night below a key support line and every other risk market is already in, or near, correction territory as the fallout from Trump’s trade war and the Fed’s ever tightening noose on loose money supply impacts juiced up stocks across the globe.
Looking at stocks first, the shock from the Chinese tarriffs sent the Shanghai Composite into a spin, slumping nearly 4% alone on Friday to finish the week well below resistance at 3300. In fact, rolling support at the 200 day moving average was taken out with price almost touching the February correction low at 3100 points. The next level is painfully obvious at 3000 points proper:
