The global stock markets are likely to gain support today after White House trade adviser, Peter Navarro, added comments to the import tariffs. He stated that Trump administration will initially exempt Canada and Mexico from the strict tariffs on steel and aluminum imports, however, they have to come up with an updated NAFTA agreement to continue the tax exemption.

This update is giving relief to the trade war sentiment and investors will invest in equities once again. In our previous update on SPX and DAX, we summarized the outlook for equities, which is rather complex as US investors are waiting for the NFP figures and the German stock markets wait for the ECB rate decision. Check FX Leaders Support and Resistance Trading Strategy to get a better understanding of the market.

S&P 500 – SPX – Trading Levels

Support     Resistance

2715.87       2731.77

2710.95       2736.69

2703            2744.64

Key Trading Level:    2723.82

DAX – Ger 30 – Trading Levels

Support     Resistance

12083.11    12277.99

12022.91    12338.19

11925.47    12435.63

Key Trading Level:    12180.55