Tutur
Long

S&P500 in a Range - Profits!

SP:SPX   S&P 500 Index
The S&P500 is currently trading in a nice range between 2620 and 2810 points. The Fibonnaci level of 61.8% acted as a really good resistance (triple top). Price just bounced for the third time on the 2620 level and could go back up to 2810. However, if trend reverses and breaks below 2620, we could see a big drop. Also note a little divergence with the MACD ; it has a good chance to be corrected on the upside.


I believe that good news from US-China trade and reasonable inflation could give the S&P enough momentum to go back to the upper limit. Watch for fundamental news.
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