Charts

Dow Jones – Risk-Off Returning, Shorts Favoured!

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Risk appetite is once again sour after Trump tweeted
and a Washington Post interview fuelled concerns over
political pressure on the Fed and trade woes anew.

The US President first tweeted that the US is put at a
‘big disadvantage’ as US rates are kept too high while
others are devaluing their currencies, explicitly
mentioning the EUR and CNY .

Separately, Trump said that he is currently ‘holding up’
the deal between the US and China on trade, accusing
China of reneging on previously agreed terms.

We believe there is more pain in store for equities today,
and would sell the Dow here near resistance.

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