Amid trade negotiations and currency wars, SPX has managed to hold its uptrend 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 is 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.
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