With the escalating trade war with China (and Iran tensions, political deadlock, rising bonds, falling oil and copper prices, etc.), the Dow had its fifth straight weekly loss, the first time that has happened since 2011.
The U.S. economy is slowing, with the current estimate at 1.3% annual growth rate in the current quarter, down from the 3.2% initial estimate.
The S&P 500, the Dow and many ETFs traded inside of their respective prior week’s trading range.
However, the Transportation Index and the Russell 2000 — and even more ETFs — made lower weekly lows. Those lows weren’t significantly lower and many are an uptrend on the weekly time frame.
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