The market today was struggling in the red, with a end of day sell off inspired by Trump’s proposed duty on steel and aluminum products, pushing the index through 500 points off. ISM Manufacturing indicator hit 60.8 in February, up considerably from 59.1 in February. Fed Chair Powell affirms steady rate hike increases for this year, and 3 increases while the market expects 4.
As result STA Research believes that the aforementioned news will continue to pressure stocks in the short term, and believe we will retest February lows. Technical indicators reveal market weakness, with the increase in outflow of capital from the financial markets.