NASDAQ tanking! Do the right thing and CUT RATES NOW Jerome!The market is collapsing, China is retaliating with 34% tariffs and Powell is making jokes!
Well that pretty much sums up the market news since yesterday, with Nasdaq / US100 having the worst day since the COVID crash 5 years ago while President Trump shouting 'the market is going to boom'.
Today China imposed 34% reciprocal tariffs on imports of U.S. goods and the worst of all.. Jerome Powell on his speech a little earlier was making jokes about his purple tie, avoiding to address the elephant in the room and take action!
Nasdaq is testing the August 5th 2024 Low, having crossed even under the 1week MA100 for the first time since May 15th 2023! At the same time the 1week RSI just got oversold at 30.00.
Reminds you of something? Yes that's right the last time Nasdaq broke under its 1week MA100 that fast and got oversold on its 1week RSI was on the week of March 16th 2020: YES the COVID crash.
What happened then? Well dear old Fed stepped up, did what they HAD to and cut rates to near zero (0.25%).
Even President Trump tweeted just a few hours ago that Powell should cut rates now and stop playing politics!
Tariffs are in place and they will pay off very well in the long term. On the shorter term, it is in Powell's hands save the economy.
-- Do the right thing and finally CUT THE RATES Jerome! --
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