Chinese regulatory crackdown continued to drag down investors' mood
US indices are under pressure due to negative news from China, where the government wants to subjugate the technology sector. This time, the authorities took care of the education / tutoring sector. Contrary to stereotypes, this sector has multi-billion dollar companies in terms of capitalization, although on the other hand their share in the entire Chinese market is rather small. However, the government's actions were enough to worsen the sentiment on Asian markets, which affected the European and American markets. Interestingly, Chinese companies that provide tutoring and are listed on Wall Street have lost even several dozen percent of their value. Today, after the market close in the US, Apple, Microsoft and Alphabet, the owner of Google, will publish their results. If the results surprise positively, it may slightly change the market sentiment.
US100 broke below the upward trendline and is currently testing support at 14,800 pts which is additionally strengthened by 50 SMA (green line). Source: xStation5
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