US equities are poised to open down over a half percent this morning, and equity index futures are at session lows thanks to fresh trade tape-bombs from the President. His comments, which suggested that he doesn’t think a trade deal is necessary before the election, quickly turned what was a positive picture for equity futures negative (see chart below).

There’s little in the way of economic data on the calendar today, so it looks like another day of China-trade related back and forth.  Keep in mind too, that even after yesterday’s pullback, the S&P 500 is over 2.5% above its 50-day moving average and nearly 6% above its 200-day moving average.  In other words, we have been overdue for a pause at the very least.

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