Support is Holding for US Equities
US equity markets have managed to hold onto support for the time being as trade continues to be the main factor impacting the market right now.
Positive developments between the US and China in recent days have really been the driver for the move. China have eased their restrictions on auto tariffs and will also be looking to import soybeans.
China has also stated that it is looking to change its industrial policies to make it easier for foreign companies to access their economy.
The trade talks to appear to be progressing well and that has seen equity markets lift in the past few sessions, despite some negative leads within the actual trading day.
Technical Outlook
The 2600 mark is clearly becoming important for the SPX as we have held it on a number of occasions now.
For now, we are holding that level and this isn’t a bad time to look to be long.
The level I am still focused on is 2800. If we can consolidate here then I like the look of a possible move back to that area. Prob not quickly but one for the longer-term players.
ES futures are pointing to another strong open, up 0.38% in Asian trade so far.
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