Stocks surged on US-China trade war de-escalation; Gold slid

·       Also, the Trump-Musk war of words de-escalation and an upbeat US NFP/BLS job data helped Wall Street amid fading concerns of a hard landing

·       China eased its export restrictions on rare earth materials & magnets for the selected three US automobiles

·       US and Chinese officials will meet in London on June 9 for 2nd round of trade talks

On mid-Thursday, June 5, 2025, Wall Street futures, USD surged on the much anticipated Trump-Xi phone call over stalled trade negotiations. Gold, UST slid on the progress of US-China trade talks and an expected less hawkish Trump trade & tariff policy soon after mid-Thursday, Wall Street Futures stumbled on Trump-Musk growing war of words.

On June 5, 2025, a public feud erupted between President Trump and Elon Musk, primarily over Trump’s signature tax and spending bill, dubbed the “One Big Beautiful Bill Act.” The BBB conflict, which had been simmering for weeks, escalated into a heated war of words, with both figures trading barbs on social media and in public statements.

On May 30, 2025, Trump and Musk held a news conference in the Oval Office to mark the end of Musk’s tenure as a special government employee overseeing the Department of Government Efficiency (DOGE). During this event, Trump publicly praised Musk, saying, “Elon has worked tirelessly, helping lead the most sweeping and consequential government reform program in generations,” and stated Musk was “really not leaving” but would remain involved informally.

Musk’s Criticism of Trump’s Big and Beautiful Bill (BBB): Musk, who had recently stepped down from his role as a special government employee overseeing the Department of Government Efficiency (DOGE), fiercely criticized Trump’s legislative package. He called it a “disgusting abomination” on X, arguing it would add $2.4 trillion to the national debt over a decade, per the Congressional Budget Office, and undermine efforts to reduce government spending. Musk also opposed the bill’s provisions to phase out electric vehicle (EV) tax credits, which benefit his company, Tesla, and impose a $250 annual fee on EV drivers.

Trump’s Response: Trump expressed disappointment in Musk during a news conference, suggesting Musk’s opposition stemmed from the removal of EV tax credits, which Trump claimed Musk had previously supported. Trump stated, “Elon knew the inner workings of this bill better than almost anybody... All of a sudden, he had a problem,” and hinted their relationship might be over, saying, “I don’t know if we will anymore.” He also denied needing Musk’s support for his 2024 election victory.

Musk’s Retaliation: Musk fired back on X, claiming, “Without me, Trump would have lost the election, Dems would control the House, and the Republicans would be 51-49 in the Senate.” He accused Trump of ingratitude, given Musk’s $270 million in support for Trump and other Republicans during the 2024 election cycle. Musk further escalated the feud by alleging Trump was in the “Epstein files,” suggesting these documents were withheld for that reason.

Trump’s Escalation: Trump intensified the conflict by threatening to terminate Musk’s government contracts and subsidies, stating on Truth Social, “The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts.” He also claimed Musk was “wearing thin” and had gone “CRAZY” after Trump removed an EV mandate.

The epic public feud between Trump and Musk was further fueled by Trump’s decision to withdraw the nomination of Jared Isaacman, a Musk ally, for NASA administrator, which Musk publicly defended. Trump also referenced a personal anecdote about Musk’s black eye, allegedly from his son X, which added a petty dimension to the dispute.

The feud marked a dramatic unraveling of the Trump-Musk alliance, which had been strained by Musk’s unpredictable actions, such as his intervention in a pre-Christmas spending deal and his controversial DOGE cuts. While Musk positioned himself as a deficit hawk, Trump and his aides, like Stephen Miller, have defended the bill as fulfilling campaign promises. The public nature of the spat, amplified by social media, highlighted the fragility of their relationship, with Musk warning lawmakers of his long-term influence compared to Trump’s remaining 3.5 years in office.

On June 5, 2025, during Trump’s Oval Office meeting with German Chancellor Friedrich Merz, the tone had shifted significantly. Trump expressed disappointment in Musk over his criticism of the “One Big Beautiful Bill Act,” a tax and spending bill. In the Oval Office, Trump remarked, “I’m very disappointed in Elon,” suggesting Musk’s opposition stemmed from the bill’s removal of electric vehicle (EV) tax credits. He further noted, “Elon and I had a great relationship, I don’t know if we will anymore,” and labeled Musk’s reaction as part of “Trump derangement syndrome.” Trump also mentioned rejecting Musk’s recommendation for a NASA administrator, indicating further strain.

Trump’s Truth about Musk: June 5, 2025

·       Elon was “wearing thin,” I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!

·       The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts. I was always surprised that Biden didn’t do it!

Trump: “I would have won Pennsylvania regardless of Elon--I’m very disappointed with Elon. He knew this bill better than anyone, and he only developed a problem when he found out I would cut the EV mandate. When he left, he said the most beautiful things about me; he hasn’t said anything bad yet, but I’m sure that will be next…I’ve helped Elon a lot… Elon worked hard at DOGE, and I think he misses the place…I think he got out there and he’s no longer in this beautiful Oval Office…it’s not just Elon, I think when some people leave they miss it so badly they develop a type of TDS…some embrace it and some become hostile.”

Musk: “False, this bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it! Keep the EV/solar incentives cuts in the bill, and also cut all the crazy spending increases in the Big Ugly Bill so that America doesn’t go bankrupt!”

Musk’s series of tweets and comments on Trump and his BBB (tax cuts and spending bill): June 3-5

·       I’m sorry, but I can’t stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.

·       Mammoth spending bills are bankrupting America!

·       This immense level of overspending will drive America into debt slavery!

·       Interest payments already consume 25% of all government revenue. If the massive deficit spending continues, there will only be money for interest payments and nothing else! No social security, no medical, no defense … nothing.

·       America is in the fast lane to debt slavery.

·       A new spending bill should be drafted that doesn’t massively grow the deficit and increase the debt ceiling by 5 TRILLION DOLLARS.

·       BREAKING: Elon Musk endorses a proposal to bar all sitting members of Congress from reelection if the deficit exceeds 3% of U.S. GDP.

·       Call your Senator; Call your Congressman, Bankrupting America is NOT ok! KILL the BILL

·       Whatever. Keep the EV/solar incentive cuts in the bill, even though no oil & gas subsidies are touched (very unfair!!), But ditch the MOUNTAIN of DISGUSTING PORK in the bill.  In the entire history of civilization, there has never been legislation that is both big and beautiful. Everyone knows this! Either you get a big and ugly bill or a slim and beautiful bill. Slim and beautiful is the way.

·       False, this bill was never shown to me even once, and was passed in the dead of night so fast that almost no one in Congress could even read it!

·       Time to drop the big bomb:@realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT! Mark this post for the future. The truth will come out.

·       In light of the President’s statement about the cancellation of my government contracts, @SpaceXwill begin decommissioning its Dragon spacecraft immediately.

·       The Trump tariffs will cause a recession in the second half of this year.

·       Is it time to create a new political party in America that represents the 80% in the middle?

·       Tweet-Trump should be impeached and JD Vance should be made President---Musk said ‘yes’

·       Musk aide: Whatever after Trump claims, Tesla CEO is upset over NASA post, EV credit

·       Musk on spending bill: The big, ugly bill will increase the deficit to $2.5 trillion.

Trump-Musk public spat de-escalation: Tesla and Wall Street Futures recovered.

On late Thursday, June 5, Bill Ackman, an influencer (celebrity) activist investor, tweeted: “I support @realDonaldTrump and @elonmusk and they should make peace for the benefit of our great country. We are much stronger together than apart.”

Trump posted his Truth after a few hours following Ackman’s effort to mediate: “I don’t mind Elon turning against me, but he should have done so months ago. This is one of the Greatest Bills ever presented to Congress. It’s a Record Cut in Expenses, 1.6 trillion, and the Biggest Tax Cut ever given. If this Bill doesn’t pass, there will be a 68% Tax Increase and things far worse than that. I didn’t create this mess; I’m just here to FIX IT. This puts our Country on a Path of Greatness. MAKE AMERICA GREAT AGAIN!”

Musk, on his part, also scaled back his narrative and said he won't decommission the Dragon spacecraft (NASA). Further, in an interview with NYP Friday, Trump plays down the public spat with Musk: "Nothing catches me by surprise. Nothing---The numbers are through the roof, the stock market is up, billions are pouring in from tariffs, and my poll numbers are the highest they've ever been. Other than that, what can I tell you, right?”

Potential effect on Tesla and other companies of Musk after the duel with Trump

On Thursday, Tesla plunged over 20% after escalating the Trump-Musk war of words. The Trump-Musk feud had immediate, severe impacts on Tesla, with a $150–152 billion market cap loss and heightened investor fears about regulatory and subsidy risks. SpaceX faced threats to $22 billion in contracts, critical for U.S. space programs, though Musk’s backtracking on decommissioning Dragon mitigated short-term damage.

Other startup ventures like Starlink, xAI, Neuralink, and The Boring Company face potential regulatory and contract risks but are less immediately affected. While Musk’s financial resources and SpaceX’s dominance provide resilience, the feud’s long-term effects depend on whether tensions de-escalate (e.g., via the planned June 6 call) or escalate further, potentially disrupting Musk’s business empire and U.S. space and EV sectors. The feud highlights the tension between fiscal restraint and infrastructure investment, with Musk’s push for efficiency clashing with Trump’s deficit-heavy policies. The US SEC confirmed that Musk will have until July 18th, instead of June 6th, to respond to the regulator's civil lawsuit over the late disclosure of Twitter's stake.

Tesla was a big beneficiary of potentially favorable EV and other regulations under Trump 2.0. Trump’s threat to cut subsidies and contracts could lead to increased oversight from agencies like the National Highway Traffic Safety Administration, impacting Tesla’s autonomous driving and safety investigations. While Trump’s administration had previously relaxed regulations, the Trump-Musk public feud could reverse this pattern.

Tesla has benefited from $11.4 billion in federal and state regulatory credits for EVs, including a $465 million Department of Energy loan repaid in 2013. Losing federal support could reduce Tesla’s competitiveness, especially as rivals like BYD gain ground in markets like Europe.

Tesla’s association with Musk’s political activities, including his DOGE role and Trump alliance, has alienated climate-conscious and left-leaning customers, leading to vandalism and protests at Tesla sites (e.g., Molotov cocktails in Colorado, arson in Seattle). Now, Trump’s diehard supporters could further cause damage to Tesla and depress sales, particularly as Tesla scales back affordable EV plans.

Musk briefly threatened to decommission SpaceX’s Dragon spacecraft, critical for NASA’s astronaut transport to the International Space Station (ISS), in response to Trump’s contract cancellation threat. This caused alarm, as Dragon is the only U.S. spacecraft currently capable of ISS missions, with Boeing’s Starliner temporarily out of service. Musk later backtracked, responding to a follower’s advice on X to “cool off” with, “Good advice. Ok, we won’t decommission Dragon.

Trump’s threat to terminate $22 billion in SpaceX government contracts, including $15 billion from NASA since 2008 and $3.8 billion in fiscal 2024, raised fears of disruptions to U.S. space programs, including ISS operations and Trump’s Mars ambitions. Rivals like Boeing, Northrop Grumman, and Blue Origin saw stock gains, with EchoStar and AST SpaceMobile up 16% and 8%, respectively, as investors bet on alternatives to SpaceX’s Starlink and launch services.

SpaceX has received $38 billion in total government support, with $22.5 billion in unclassified contracts since 2000. Losing these could disrupt operations, particularly for Starlink’s $2 billion FAA air traffic control contract and Pentagon spy satellite projects. Trump’s withdrawal of Jared Isaacman, Musk’s ally, as NASA administrator nominee on June 1, 2025, signaled reduced influence, potentially affecting SpaceX’s favored status in NASA’s Mars and Artemis programs.

Regulatory Retribution: Trump’s influence over agencies like the FDA, DOT, and NLRB could lead to renewed investigations into Musk’s companies, reversing earlier relaxations (e.g., 40+ dormant regulatory matters as of May 2025.

Part-time politics may not work for Musk; Trump also may be affected politically.

Musk’s call for Trump’s impeachment and Epstein's allegations, though unsubstantiated, could provoke allies like Bannon, who demanded probes into Musk’s immigration status and SpaceX’s operations, potentially disrupting all ventures. Signs of de-escalation, such as Musk’s response to Bill Ackman’s call for peace and a scheduled White House call on June 6, suggest potential de-escalation, although the White House later clarified that no scheduled call by Trump for Musk.

But Musk’s allegation of Epstein and other issues may also damage Trump’s political career and both the note bank and the vote bank. The potential political & policy paralysis may not be good for the world’s largest economy and consumer. Every major country, including China, the EU, and even India, needs a healthy & prosperous America to sell its goods & services (exports). Thus, a weak SU economy may also invite a synchronized global slowdown.

US Deficit spending (mandatory and discretionary)

The feud, sparked by Musk’s opposition to the “One Big Beautiful Bill Act” (adding $2.4 trillion to the deficit), ties into the U.S.’s rising deficit spending and declining infrastructure investment. The bill’s elimination of EV tax credits directly impacts Tesla, while proposed budget cuts to NASA’s Artemis program and other science initiatives could affect SpaceX’s contracts. Musk’s vocal criticism of the bill’s fiscal irresponsibility aligns with his push for reduced government spending, but his attacks on Trump escalated the conflict, risking financial and regulatory consequences for his companies.

The US needs higher revenue of 22-25% of nominal GDP from the present 17%, along with targeted (wasteful) spending cuts. The US can start Federal GST 15% WITH 50% sharing with states -no separate state sales tax and 5% basic tariff in the longer run. Most of the US states are now collecting state sales tax of around 7.5% on average without any input tax credit (ITC). The U.S. lags in infrastructure like HSR, compared to China, underscores the broader fiscal constraints limiting Federal investment. The US needs higher investment in infrastructure, High-Speed Railways (HSR), and social infrastructure to compete with mighty China.

The US corporate tax to GDP ratio is too low, around 1.5%; the same is also true for indirect tax (1.3%). Thus, there is a case to increase US corporate tax and also indirect tax in the form of GST and tariffs. Too many tariffs will encourage US manufacturing inefficiencies. Thus, there is a need for a balancing act between tariffs, GST/VAT, and income taxes (personal & corporate); i.e., direct and indirect taxes.

The US needs Fiscal prudence, not austerity:

Among the major economies, the US has no Federal sales tax (VAT/GST). Trump is now trying to partly introduce a higher consumption tax through his tariff narratives and transform the US economy into an industrial or manufacturing-based economy, apart from the existing service industry-oriented economy. The US has state-level VAT with an average rate of 7.5%.  Proposals for a federal VAT have been debated in the past but not adopted. The US needs a Federal sales tax/VAT/GST (Goods & Services Tax) in addition to moderate tariffs for additional revenue to partly fund deficit spending and also to encourage the domestic manufacturing industry.

Trump is also trying to not only extend his 2017 income tax cut beyond 2025 permanently, but is also trying to cut corporate tax and income tax for the middle class. Trump is also trying to hike the income tax rate on the super-rich to 40% from the existing 37.5%. Trump is trying to tax Americans on the one hand through higher tariffs while cutting income tax on the other hand. Trump’s false and misleading political narrative of ‘hundreds of billions of dollars’ being paid by exporters like China to an imaginary US External Revenue Service for ‘shopping’ in the US Super Store may now be costing him dearly.

To compete with China, Trump has to match China in terms of massive & efficient industrial and logistical infrastructure and a full supply chain. China is also steadily building its business/trading network across the globe through various initiatives, including BRI, which is also acting as a geopolitical influence tool. Trump may look at India’s GST model with a moderate sales tax of 10%-15% along with a 10% universal basic tariff for additional revenue. Trump may also look at China’s development/infrastructure model involving states and local governments for infrastructure spending in a bipartisan political environment in a democracy.

The biggest advantage for the US is US dollar supremacy and hegemony; despite a huge combined public debt of almost $42T (Federal + States), i.e., significant money printing, the USD is not so devalued as it’s always in demand from foreign countries to settle trade or any transactions. The global reserve status of USD and lack of any comparable/viable alternative is the biggest advantage of the US; EUR or CNY is far behind the ‘King USD’. Thus, although the fiscal situation is worrisome in the US, it’s not alarming. The US can afford to pay the interest on its public debt at 10-12% of combined revenue, although it's almost double the pre-COVID levels.

Musk’s logic of too much fiscal austerity will harm overall US economic growth and employment, and thus, there is a need for fiscal prudence or a balancing act to increase net revenue through rationalization of tariffs, GST, and corporate taxes, along with a focus on reducing wasteful government spending. The US should invest much more in industrial and logistical infrastructure to compete with mighty China; only tariffs will not work.

Highlights of Trump’s comments

·       Trump asked Politico about the Musk feud: "It is okay."

·       Trump says of Musk, "It’s going very well, never done better."

·       haven't looked at the Russia sanctions bill

·       Congress is waiting for me to decide on Russia sanctions

·       The Russia sanctions bill is harsh

·       We will have a great relationship with Germany

·       I want to make oil and gas part of trade deals (with Germany)

·       Very low inflation now

·       You don't want to have zero inflation. We have almost perfect inflation

·       I don't think Putin is playing games

·       If a deal with Russia fails, we'll be very tough

·       We could be tough on both Russia and Ukraine if the deal fails. It takes two to tango

·       Putin told me Russia has no choice but to attack

·       I don't think Russia and Ukraine will sign a deal

·       If Russia gets out of line, you'll be amazed at how tough I am

US Commerce Secretary Lutnick: 2nd day of Congressional Testimony (House of Representatives)

·       We expect no tariffs on things we can't make in the US

·       We need market access for farmers in exchange

·       Overall tax bill is more stimulative than contractionary

·       Lutnick reiterates the July 9th deadline for trade deals

·       Digital markets are a key topic in EU negotiations

·       If the EU wants the deal, take the foot off the necks of tech companies

·       Mexico is a huge trading partner for the US

·       We're at a reasonable steel price point now

·       $1k per metric ton of steel is a reasonable price

Trump’s Truth: June 6, 2025-Trump again bullies Fed Chair Powell after better-than-expected US NFP job data for May. Trump presses Powell for a full-point interest rate cut despite strong jobs report:

·       GREAT JOB NUMBERS, STOCK MARKET UP BIG! AT THE SAME TIME, BILLIONS POURING IN FROM TARIFFS!!!

·       If “Too Late” at the Fed would CUT, we would greatly reduce interest rates, long and short, on debt that is coming due. Biden went mostly short-term. There is virtually no inflation (anymore), but if it should come back, RAISE “RATE” TO COUNTER. Very Simple!!! He is costing our Country a fortune. Borrowing costs should be MUCH LOWER!!!

·       “Too Late” at the Fed is a disaster! Europe has had 10 rate cuts; we have had none. Despite him, our Country is doing great. Go for a full point, Rocket Fuel!

·       Prices are down, income is up, our Border is closed, gasoline is CHEAP, inflation is DEAD — Our Country is BOOMING! Companies are pouring into America like never before!

Wall Street got a boost from the progress of Trump's trade deals:

China has granted temporary export licenses to rare-earth suppliers for General Motors, Ford, and Stellantis, valid for six months, to mitigate supply chain disruptions from Beijing's April 2025 export curbs on rare earths and magnets. These restrictions, affecting industries like automotive, aerospace, and defense, have caused bottlenecks due to a complex licensing process. The move follows a trade truce and a recent call between Trump and Xi Jinping to address trade tensions, though it's unclear if this signals a broader easing of restrictions.

As per some reports, the US has recently suspended licenses for nuclear equipment suppliers to sell to China's power plants, as the two countries engage in a damaging trade war. The suspensions were issued by the US Department of Commerce, according to the people, and they affect export licenses for nuclear power plant parts and equipment.

There was also another report, quoting unnamed US and European officials, that President Trump is prioritizing bilateral issues with China over pressuring Beijing to end its support for Russia's war efforts in Ukraine. This shift reflects a broader de-prioritization of the Ukraine conflict in US foreign policy, though officials note that Trump's stance could change unpredictably.

On Friday, Trump confirmed the next US-China meeting in London on June 9, 2025

“I am pleased to announce that Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and United States Trade Representative, Ambassador Jamieson Greer, will be meeting in London on Monday, June 9, 2025, with Representatives of China, concerning the Trade Deal. The meeting should go very well. Thank you for your attention to this matter!”

Trump’s TikTok Strategy and U.S.-China Relations

President Donald Trump is reportedly planning to extend the June 19, 2025, deadline for ByteDance to divest TikTok’s U.S. operations, marking the third extension since he took office in January 2025, according to sources cited by the WSJ. This follows two prior extensions—first to April 5 and then to June 19—prompted by stalled negotiations amid escalating U.S.-China trade tensions, particularly after Trump imposed 34% tariffs on Chinese goods, to which China retaliated with matching tariffs.

A proposed deal to transfer TikTok’s U.S. operations to American ownership, involving investors like Oracle, Blackstone, and Amazon, was derailed when China withheld approval, citing Trump’s tariffs. Trump’s executive order, expected to grant another 75 days, reflects his intent to keep TikTok operational, as he stated, “We do not want TikTok to ‘go dark,’” emphasizing its role in reaching 170 million U.S. users and its influence on young voters in the 2024 election.

This move aligns with Trump’s broader approach to U.S.-China relations, where he’s prioritizing bilateral trade issues over other geopolitical concerns, such as China’s support for Russia’s war efforts. The suspension of export licenses for nuclear equipment to China’s power plants by the U.S. Department of Commerce, valued at hundreds of millions, underscores the ongoing trade war’s intensity. Meanwhile, China’s temporary six-month export licenses for rare-earth suppliers to U.S. automakers like GM, Ford, and Stellantis suggest selective concessions, possibly linked to recent Trump-Xi talks aimed at easing trade frictions.

However, Trump’s extensions face legal scrutiny. Democratic senators and legal experts argue he lacks the authority to delay the 2024 law mandating TikTok’s divestiture, upheld by the Supreme Court, which requires a concrete deal to justify extensions. China’s insistence on approving any deal, particularly regarding TikTok’s algorithm, complicates negotiations, with Beijing reportedly using the app as leverage in tariff talks.

Trump’s repeated delays on TikTok suggest a pragmatic shift from his earlier anti-China rhetoric, possibly driven by political calculations, acknowledging TikTok’s electoral influence and economic leverage through tariffs. The lack of a finalized TikTok deal, despite interest from major U.S. firms, and China’s veto power over the algorithm highlight the difficulty of decoupling strategic assets in a globalized economy. If no deal is reached by the new deadline, TikTok could face a ban, impacting millions of users and creators, though Trump’s pattern suggests further extensions are likely if trade talks remain unresolved.

Conclusions

China believes in protocol-based trade diplomacy, and thus, there was a dramatic trade war truce between the US and China after just one round of telephone talks between Trump and Xi. But as a courtesy, Trump may withdraw his Fentanyl tariff (20%) against Chinese restrictions on rare earth material exports.  Overall, Trump’s trade negotiations with various countries like China, India, the EU, South Korea, Japan, Mexico, Canada, and Vietnam are progressing, and Trump may again extend his July 9  (ROR) and August 31 deadline (China) to at least December 31, 2025.

Market impact

Wall Street Futures, USD surged, while Gold, UST slumped on Friday amid de-escalation of the Trump-Musk war of words and also the US-China trade war coupled with easing of US hard landing concern after US BLS/NFP private job addition comes better than expected at +140K in May and almost opposite to Wednesday’s terrible ADP figure of +37K. In both cases, Trump urged Powell to cut rates (ADP terrible job data and also BLS/NFP upbeat job data).

Oil surged on the fading concern of Trumpcession; previously, oil was dragged by Israeli assurance not to attack Iran’s nuclear facilities until Trump’s talks with Iran conclude. On the supply front, Saudi Arabia trimmed its July crude prices for Asia to near two-month lows, a smaller cut than expected after OPEC+ agreed to raise output by +0.411 mbpd, which was smaller than expected. But this reflects efforts to balance rising demand with output hikes and to grab market share.

Technical outlook: DJ-30, NQ-100, and Gold

Looking ahead, whatever the fundamental narrative, technically Dow Future (CMP: 42600) now has to sustain over 42900 for a further rally towards 43200/43600*-44000/45300 in the coming days; otherwise sustaining below 42800, DJ-30 may again fall to 41900/41700-41400/41000* and further 40600/40100-39200/38000 in the coming days.

Similarly, NQ-100 Future (21600) has to sustain over 22000 for a further rally to 22400/22500-22700/23000 in the coming days; otherwise, sustaining below 21900, NQ-100 may again fall to 21900/20900-20700/20200 and 19890/18300-17400/16400in the coming days.

Also, technically Gold (CMP: 3350) has to sustain over 3375-3395 for a further rally to 3405/3425*-3450/3505*, and even 3525/3555 in the coming days; otherwise sustaining below 3365, Gold may again fall to 3340/3320-3300/3280 and 3255/3225-3200/3165* and further to 3130/3115*-3075/3015-2990/2975-2960*/2900* and 2800/2750 in the coming days.