Greetings everyone, amid trade negotiations and currency wars, spx has managed to hold its up trend towards 2900 and higher. The recent pull back has brought prices towards the first important short-term support at 2860-2870 area.
Price has bounced off support, back tested it and is now trying to make new higher highs after a report came out that the US are proposing a new round of trade talks with China.
At 2900 I was bearish but seeing how support held at 2860-2870 which was my first big test, I have turned bullish as long as we hold above 2865. If this level is broken downwards I would expect a minimum decline towards the lower channel boundary between 2830-2820.
Confirmation of my bullish scenario comes only with the break above 2915 and has 2950 as my first target.
Good luck and happy trading everyone!!!