Stocks

The S&P 500 Level To Watch Is 2800

Morgan Stanley warned that a collapse in trade talks between the United States and China could tip the global economy toward recession. The caution comes a week after Bank of America warned that the ongoing trade war between the world’s two largest economies could “push the global economy into recession.”

“We are unconvinced that companies will generally be able to fully offset tariff costs through raising prices or through cost efficiencies elsewhere, meaning tariffs will press on margin,” Wilson said, according to CNBC.

He said that if Trump followed through on his threat to levy 25 percent tariffs on remaining Chinese imports, “we are inclined to think this has the potential to tip the U.S. economy into recession, given the cost issues companies are already dealing with.”

Source

For the first time since December, the S&P 500 has been showing signs of weakness.

However, last week, price bounced off of the daily supply at 2800.

The 2800 level is a very critical level and the level I’m paying close attention because of previous support/resistance.

The chart suggests if the daily demand at 2800 is breached, price will head to the next zone at 2630.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

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