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FxWirePro:S&P500 trades higher for fourth consecutive day on US-China trade optimism, jump till 2820 likely
S&P500 is trading higher for fourth consecutive day after breaking major resistance around 2744. The index has closed above 200- day MA for 2nd consecutive day on US-China trade optimism and better than expected corporate earnings. The index hits intraday high of 2763 and is currently trading around 2757.
Short term trend is bullish as long as support 2678 (300- day EMA) holds. Any break below 2678 confirms minor weakness and a dip till 2637 /2595/2550/2530 likely. Any daily close below 2500 targets 2465/2437/2397. Any further bearish continuation only below 2330.
On the higher side the index is holding above 200- day MA and this confirms minor bullishness and a jump till 2804/2820 is possible.
It is good to buy on dips around 2740-45 with SL around 2718 for the TP of 2820.