Global equity sentiment is clearly weaker today. Nasdaq 100 futures (US100) are down close to 0.7% as markets grapple with renewed uncertainty around US Europe trade relations.
- The current base case in the market is that tariffs on European goods could rise by 10% by February 1, and potentially to 25% on June 1 if Europe continues to block the United States from purchasing Greenland. Hardening transatlantic negotiations also increase the risk of penalties and higher taxes targeting US technology companies operating in Europe.
- After the US session, Netflix (NFLX.US) is set to report earnings. If the results disappoint, the market could see another downside impulse. Netflix shares are down nearly 30% from this year’s highs and have fallen more than 6% year to date. Later in the day, investors may also focus on a potential US Supreme Court decision regarding tariffs.
US100 (D1 timeframe)
Looking at the US100 chart, the index has broken to the downside from a rectangular triangle pattern. If the decline were to mirror the prior bearish impulse (a continuation move), it could imply a pullback toward the 23,350 area, where notable price reactions were seen around late July and early August 2025. The index has also dropped decisively below the 50 day exponential moving average on the daily chart (EMA50, orange line), while MACD and RSI indicators point to selling pressure remaining in control.

Source: xStation5
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