The bullish momentum that Dow Jones Industrial Average [DJI] had been witnessing over the past few weeks is now seemingly weakened as the index took a mild hit at the end of last week. DJI, which has been climbing almost consistently since 22,686 and managed to grow 2,725 points to reach 25,411 between January 3 and February 5, 2019.
From that point on, the bearish momentum took over, bringing the index down by almost 1.2%. After opening at 25,371 and losing momentum, the index is currently placed at 25,106. Though on the daily chart it does show a small uptrend, the bullish momentum is seemingly losing its grip over the market.
On the kingpin index Dow, the biggest Boeing [BA], UnitedHealth [UNH] and Goldman Sachs [GS] all registered substantial losses while Coty [COTY], Skechers [SKX] and Mattel [MAT] saw double-digit surges on earnings reports. Ubiquiti Networks [UBNT] saw a very crucial rise and made a powerful early breakout on the back of a strong earnings report.
Apple [AAPL], Chevron [CVX] and Exxon Mobil [XOM] recorded the maximum loss in opening trade.
The speculation and fear over how the market will be affected by the US-China trade standoff are rumored to be the cause of the sudden mild plunge of the index.
Robert Lighthizer, the US Trade Representative, and Steven Mnuchin, the Treasury Secretary, is most likely to lead a deputation to China to facilitate debate over the market positions next week. Trump and XI have also tentatively scheduled a meeting, but it will be ahead of the deadline.
A Twitterati, Ollie Richardson, commented:
“Looking at the Dow Jones, it’s as if the banking cartel deliberately ramps up the index above 25,000 after 3PM to keep the debt bubble inflating and inflating….”
Another Twitter user, Andil Trading, said:
“Tired and happy, the best day of the month. We bounced back on the Dow Jones Futures under 25000 I’ve been waiting for this for several days:) Beautiful evening to all of you.”
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Crypto community seeks support from Presidential candidate Yang to ‘free Ross Ulbricht’
Ross Ulbricht, the mastermind of the first darknet market site, Silk Road, is currently serving prison time in the United States Penitentiary. Ulbricht is a first-time offender and is serving two life imprisonments plus 40 years sentence without the possibility of parole for the creation of Silk Road.
Ulbricht aka Dread Pirate Roberts has gained immense support from the most significant people of the cryptospace. Bitcoin Jesus, Roger Ver, has constantly condemned Ulbricht’s imprisonment, calling him a genius and has urged people to sign a petition for his release.
At press time, 177,324 individuals had signed the petition seeking Ulbricht’s release.
The Free Ross campaign gained momentum, after Tiffany Hayden, a prominent face in the crypto-world shared a video on Twitter, urging Presidential candidate Andrew Yang to help the release of Ross Ulbricht. Tiffany Hayden reportedly donated $130,000 USD to Yang’s campaign hoping he would continue to support the Free Ross campaign.
Hey @AndrewYang we each just donated to get you over the 130k limit and help you into the fall debates! We hope you’re still excited about clemency for Ross Upbricht! #FreeRoss #YangGang #ClemencyForRoss @Free_Ross pic.twitter.com/c6Ep1yZjnU
— Tiffany Hayden (@haydentiff) June 23, 2019
Presidential candidate, Andrew Yang has been making headlines for his push to regulate cryptocurrency in the United States. The crypto world has joined the “YangGang”, with the hope of granting clemency to Ross. Ripple’s software engineer Nik Bougalis also commented on Tiffany Hayden’s video in support of Yang, calling him a breath of fresh air.
Awesome to hear that Andrew Yang is in the fall debates too; I hope he continues to support the #FreeRoss cause.
Even if you don’t agree with every position, you should welcome him! He’s a breath of fresh air compared to the usual suspects and their wooden political drivel.
— Nik Bougalis (@nbougalis) June 23, 2019
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