Tariffs and Porky Spending Bill Push Bulls Off Cliff [TheStreet.com]
Apple Inc. (AAPL)
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Source: TheStreet.com
Tariffs and Porky Spending Bill Push Bulls Off Cliff In a different market the tariffs directed at China and the pork-laden spending bill might not matter that much. Today they mattered a lot, but that is because the indices were already at a tipping point and this news shoved the bulls off the cliff. I wrote in my opening post this morning that we were teetering on the brink of the abyss. It didn't matter that the FOMC interest rate decision was given a dovish spin by the media and bonds were trading up. What mattered was that the bias was to the downside and the news flow fulfilled the bearish narrative. The issue now is how much lower can the indices go? The 2700 level of the S&P 500 offered no support at all and the support at 2650 is weak at best. The next stop is the closing low in February of 2580 which is also the 200-day moving average. The bears has consistently had issues generating downside momentum. Just when it looks like they are finally gaining traction the
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