The revolving U.S and China trade headlines continue and just like that the S&P was nearly 2% off last night’s low. China said Monday it would never consider changes in intellectual property laws and yesterday the U.S blacklisted 28 Chinese companies.
December live cattle managed to work into our resistance pocket today, we have defined that as 111.175-111.50, this pocket represents previously important price points, including the gap from August 9th.
Yesterday’s S&P 500 bloodbath is trying to stabilize, and price action is modestly higher at best. Economic data is in focus early and it was a bleak start after European Services and Composite PMIs came in below expectations.