S&P 500 and Nikkei Trading Levels – Risk off Sentiment In Play - Forex News by FX Leaders

S&P 500 and Nikkei Trading Levels – Risk off Sentiment In Play

Posted Tuesday, August 7, 2018 by
Arslan Butt • 1 min read

The global stock markets are trading sideways as trade tensions stay and earnings season winds down. Overall, the US futures were flat as investors looked confused whether to buy indices on better earnings reports or to stay out of it over trade war tensions.

The US-China trade tensions continue to widen as Beijing lashed out at US President Donald Trump for his trade policies. During the weekend, Beijing said that it’s ready to counter with tariffs on up to $60 billion of US products after the White House planned to inflict tariffs of 25% instead of 10% on $200 billion of imported Chinese products.

On the other hand, earnings season is winding down this week. Companies like Tyson Foods (NYSE:TSN), SeaWorld Entertainment Inc (NYSE:SEAS) and Cardinal Health (NYSE:CAH) are among those expected to release their earnings reports this week. Besides this, the stock markets can remain under bearish pressure as Federal Reserve indicated two additional rate hikes in 2018.

Watch out for the key trading levels for SPX and DAX this week.

S&P 500 – SPX500- Trading Levels

Support Resistance
2808.87 2842.51
2798.47 2852.91
2781.65 2869.73
Key Trading Level: 2825.69

Nikkei – NKY25 – Trading Levels

Support Resistance
22389.26 22712.64
22289.38 22812.52
22127.69 22974.21
Key Trading Level: 22550.95

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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