U.S. markets are set to open higher on renewed hopes of a trade deal between the U.S. and China. European and Asian markets were all higher on the announcement of the restart of talks between the two nations. President Trump said talks ” were back on track” after he offered no new tariffs as a concession.
The S&P 500 closed higher at 2941.76, which was in the middle of the current trading range of 2910-2954. Volume was higher than average, and the RSI index turned up too on the day. Traders may have been placing bets on a U.S. trade deal with China getting completed over the weekend. The index is now in a position to test the all-time closing high of 2954.13 set on 5/1/2019. A close above the old high should bring in new buyers and possibly move markets higher.
We are currently long term bullish and short bullish.
John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, Windsor Wealth
The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum Oscillator that measures the speed and changes of price movements.
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