President Trump continues Amazon bashing.
President Trump continued to target Amazon today, and it is having an impact on other stocks (or so it seems).
Amazon is down -5% on the day (down -73 points). That is much greater than the overall market. Nevertheless, the major indices are being dragged down with the price of Amazon (as it tends to do).
The Nasdaq is now down -161 points or -2.28%
The S&P is down -46.78 points or -1.78%
The Dow is down -315 points or -1.30%.
Technically, the Nasdaq is trading at the lowest level since February 13th (taking out the March low on the move lower). The 200 day MA at 6745.86 is a key target. The price has closed below the higher 100 day MA (currently at 7097) for the last 3 days (today is the 4th). On Thursday, the price did move above that MA line, but failed. If there is to be a rebound, getting and staying above that MA will be eyed. Until then, the bears remain in control.
PS The JPY pairs continue their slides in the light liquidity.
The USDJPY has cracked below its 100 hour MA at 106.20. It trades at 106.08.
The EURJPY has moved below its 2090 hour MA at 130.65 and below a low floor at 130.554-597 (see chart below).
