President Trump is a prolific tweeter, and perhaps his favorite topic to tweet about in 2017 has been the remarkable performance of the stock market. Almost every time that the Dow (Trump's favorite major equity index) has crossed a new threshold the Commander in Chief has been there to cheerlead the new milestone on his Twitter account.
Monday morning after the successful passing of the Republican tax bill by the Senate President Trump went to Twitter, however, this time he offered a prognostication of how stocks might trade on this day:
Previously Trump had limited his stock market tweeting to applauding market performances after the fact. As it turns out President Trump should probably stick to real estate as the performance of equities since Monday morning at 7:00am EST has been pretty much straight down:
S&P Futures (30 Minute)
Looking at the SPY daily chart we can see that the S&P hasn't printed two consecutive solid red candlesticks in a long time:
A subtle change of character after an historic bull market run. Monday morning's high (SPX 2665) now becomes an important upside reference and Friday's panic low (SPX 2605) may have to get retested over the coming days.
Is this the tweet that marked the market top?
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