Mid-Session Market Comment 03-13-2014

Major U.S. market indices opened with small gains this morning , it then started to fall back, and are now down sharply. Although  U.S. retail sales and jobless claim were better than expectations, but data from China show its economy is slowing. This weekend's Crimea referendum for becoming part of Russia will serve to be the obstacle for U.S. stocks. Failed negotiations between Russia and western countries on how to resolve the Ukraine situation means a trade war is imminent. If a trade war starts , it can't be good to Russia, the western countries and the whole world. Technically, the Dow has formed a bearish Double Top chart formation. US stocks will likely  continue to come down in the near term. Dow supports are 16161 and 16000, and resistances are 16500 and 16588.