<Fundamental>
US equity gains paused amid President Trump’s renewed tariff threats and weakening economic data. Trump warned of steep tariff hikes on India and a potential 35% levy on the EU if obligations are not met. Meanwhile, the US July Services PMI fell from 50.8 to 50.1, missing the 51.5 consensus. New orders dropped to 50.3, while employment declined to 46.4—the lowest since March.
<Technical>
USTEC briefly tested 23300 before breaking below both EMAs. The widening gap between EMA21 and EMA78 suggests a potential shift toward bearish momentum. If USTEC fails to break above the resistance at 23300, the index could decline further toward 22700. Conversely, if USTEC breaks above both EMAs and 23300, the index may gain bullish traction toward 23700.
US equity gains paused amid President Trump’s renewed tariff threats and weakening economic data. Trump warned of steep tariff hikes on India and a potential 35% levy on the EU if obligations are not met. Meanwhile, the US July Services PMI fell from 50.8 to 50.1, missing the 51.5 consensus. New orders dropped to 50.3, while employment declined to 46.4—the lowest since March.
<Technical>
USTEC briefly tested 23300 before breaking below both EMAs. The widening gap between EMA21 and EMA78 suggests a potential shift toward bearish momentum. If USTEC fails to break above the resistance at 23300, the index could decline further toward 22700. Conversely, if USTEC breaks above both EMAs and 23300, the index may gain bullish traction toward 23700.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.