Elliot Wave Suggests Stock Breakout
True, there is lots of doom and gloom over the trade deal, but Trump is known for wrecking the markets with his tweets, only to provide a resolution shortly after. Further, the US economy is booming (with respect to the rest of the world) and the Fed is still relatively dovish and a rate cut is still expected this year. A representative from China will be here Friday, so we may anticipate a breakthrough or at least steps in the right direction.
The Kovach Momentum Indicators suggest that short term momentum is at lows, which may indicate that the pendulum is due to swing in the other direction. ES is encroaching upon the lower bound of the Kovach Reversals Indicator which again may suggest a bounce soon.