Stock Market Is Going Lower Because： 股市将继续下跌因为：

Technicals:

。Dow Jones Industrial Average and Russell 2000 are below their 20, 50 and 200 day moving averages. S&P 500 and Nasdaq Composite are below their 20 and 50 day moving averages. Market down trend established.

。Bearish chart patterns: Dow Tripple Tops,  S&P 500 Double Tops, Nasdaq Composite Double Tops.

。Semiconductor, energy, biotech, financials , transportation and material sector stocks are all below their 20, 50 and 200 day moving averages. Their trends are down.

。Sharp drop of  fear index VIX before today is overdone and sentiment is too optimistic. It's not reflecting trade war negatives.

。From their highs to today's prices, Dow -4.9%, S&P 500 -4.7% and Nasdaq Composite -6.8%. These drops are not enough consider trade war intensified and weak global economic data. Normal correction is 5% to15%.


Fundamentals:

。US-China trade war intensified and no talk scheduled.

。Flash U.S. Composite Output Index at 50.9 (53.0 in April). 36-month low. Flash U.S. Services Business Activity Index at 50.9 (53.0 in April). 39-month low. Flash U.S. Manufacturing PMI at 50.6 (52.6 in April). 116-month low. Flash U.S. Manufacturing Output Index at 50.8 (52.7 in April). 35-month low.

。German manufacturing PMI eased to 44.3 from 44.4, and the service PMI dropped to 55.0 from 55.7.

。After moving above the 50 boom/bust level in April for the first time since January, Japan's flash manufacturing PMI slipped back again to stand at 49.6 from 50.2.






技术指标：

。道琼斯工业平均指数和罗素2000指数低于其20日，50日和200日移动均线。标准普尔500指数和纳斯达克综合指数均低于20日和50日移动均线。市场下跌趋势确立。

。看跌图表模式：道指三顶，标准普尔500双顶，纳斯达克复合双顶。

。半导体，能源，生物技术，金融, 运输和材料板块均低于20日，50日和200日移动均线。他们的趋势在下降。

。今天之前恐慌指数VIX大幅下挫过度，情绪过于乐观。并没有反映贸易战的负面影响。

。从高位到今天的价格，道指-4.9％，标准普尔500指数-4.7％和纳斯达克综合指数-6.8％。考虑到贸易战加剧和全球经济数据疲弱，这些下降还不够。正常调正幅度为5%到15%。



基本面：

。美中贸易战愈演愈烈，没有安排谈判。

。美国综合产出指数为50.9（4月份为53.0）。 36个月低点。美国服务业务活动指数为50.9（4月份为53.0）。 39个月低点。美国制造业采购经理人指数为50.6（4月份为52.6）。 116个月低点。美国制造业产出指数为50。8（4月份为52.7）。 35个月低点。

。德国制造业PMI从44.4降至44.3，服务业采购经理人指数从55.7降至55.0。

。自1月以来首次突破4月份的50个繁荣/萧条水平后，日本的制造业采购经理人指数再次从50.2跌至49.6。