Wallstreet erases gains as Trump gets ready to retaliate military

• In response to the Syrian attack, Trump said he would make a decision in the next 24 to 48 hours.
• The three main indices reversed the gains made earlier in the session.

US Stocks started the day on the front foot as investors shrugged-off tensions between the US and China as many market participants are starting to be confident that the trade tariffs tensions won’t escalate in a full-out trade war. However, later in the day, President Donald Trump announced that he would make a decision in the next 24 to 48 hours as to whether a military retaliation will take place in Syria. The Syrian government is accused to have used chemical weapons killing at least 60 people and injured more than 1,000 near Damascus on Sunday. However, “the Syrian government and its ally Russia have denied involvement in the attack”. according to Reuters. Adding to the geopolitical turmoil is the FBI raiding Michael D. Cohen, Trump’s longtime personal lawyer, and “seizing records related to several topics including payments to a pornographic-film actress.” According to Matt Apuzzo from the New-York Time.   

Gold is trading above its 1,333 resistance and the Japanese yen has been strengthening in late trade on Monday. Both gold and the yen are considered safe-haven assets.  

S&P 500 Index: 4-hour chart

Resistance is seen at $2,654 and $2,672.50 swing high. Support is seen at $2,585 swing low and $2,551.75 cyclical low. 

Dow Jones: 4-hour chart 

Resistance is seen at $24,056 and $24,618 swing highs. Support is seen at $23,736 swing low and $23,332 cyclical low. 

Nasdaq 4-hour chart

Resistance is seen at $6,609 and $6,642 swing highs. Support is seen at $6,398.5 swing low and $6,296 cyclical low.