Wall Street was a sea of red as investors square up ambiguous ceasefire deal to mourn President George Bush

• Investors on Wall Street were in panic mode on Tuesday.
• The Dow Jones Industrial Average fell to 25,027, -799.3 -3.10%., The S&P 500 fell to 2,700 -90.31 -3.24% while the Nasdaq Composite fell 3.8% at 7,158.

It was some turnaround Tuesday with investors unconvinced that President Donald Trump and China's leader Xi Jinping forged momentary pause in trade hostilities would have any mileage considering the ambiguity of the handshake agreement. There were a number of problematic details in the agreement as well as plenty of doubt that a real deal could be forged between two nations that each have their own agenda in play which requires adaptation on both sides if they are to meet somewhere in the middle. 

President Trump unleashed a tweetstorm Tuesday, saying he would "happily sign" a fair trade deal with China, but referred to himself as a "Tariff Man," sending a stark reminder that U.S.-China trade relations remain vulnerable.

US growth was a concern also

The market was also concerned over a flattening yield curve in U.S. government debt which generated a lot of discussion over whether the fall in US long-term interest rates is driven by a weaker growth outlook. As far as performers and non-performers, the financial sector was hurt on falling yields with Goldman Sachs (NYSE:GS) dropping 4% and Citigroup (NYSE:C) down 5%. Then, trade-sensitive stocks, such as industrials were affected and big guns barometers such as Caterpillar (NYSE:CAT) and Boeing (NYSE:BA) were sharply lower on Tuesday.

(The market will be closed Wednesday as the nation stops to mourn President George Herbert Walker Bush, who died Friday at the age of 94). 

DJIA levels

• S&P500 Technical Analysis: 2,734.00 target gets hit as Wall Street bears strike back

The DJIA collapsed all the way to test S3, breaking the hourly 200-SMA at the time of writing in after-hours trading. The 38.2% Fibo of the recent rout, as well as the 20-D SMA now serves as a resitance and the bears will look for a move towards the 23.6% Fibo support at 24775. Daily RSI is now negative and The monthly RSI extends its bearish 2018 correction also with DMIs there negative and daily turning less positive. 4hr RSI has room to go on the downside until oversold as the index takes out the rising 50 SMA.