Long-Term we are long the S&P 500 but in the near-term we see a head and shoulders pattern potentially forming with the index dropping towards 2,600 at which stage we will add to our long position. Therefore, in the short term we cannot see the S&P 500 rising much above the year-to-date high of 2,860.31 reached on the 21.03, on the back of a dovish FED with Powell stating that the FED would be patient in raising rates this year. However, this view could change quickly, though unlikely in our view, if significant progress is made in US/China trade negotiations.