It seems that China has finally realized the leverage they possess: Trump’s fear of market corrections. There is nothing that matters more to him, as his personal wealth and public perception are intrinsically tied to the DJIA.

Perhaps this realization is the rationale behind China’s recent trade counterattack. Futures are not amused, retracing much of yesterday’s kneejerk reaction to Trump’s TACO moment over the weekend.

continued for members…

Since Friday’s drop came ahead of time, I’ve added a target at ES 6314.50, a backtest of the Dec 2024 highs.

Central bankers are working overtime to keep currencies from adding to the equity damage.

It’s probably time to take profits or at least hedge them on GC. SI is a little less compelling, but better safe than sorry.

CL and RB have given up yesterday’s bounce, with CL making new lows.

This is helping to contribute to TNX’s retest of the white channel midline.