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FxWirePro: S&P500 trades higher on US-China deal hopes,good to buy on dips

Candlestick pattern- Hammer

 

S&P500 has recovered more than 3.5% from low of 2588 level made yesterday on US-China trade optimism.US President said that China is buying huge amount of US soybeans and new round of trade talks with Beijing were already under way by telephone. The declining US bond yield and yield curve inversion was putting pressure on US stock markets and S&P500 has lost more than 8% from high of 2818 made on Nov 7 at that time US 10 year yield was trading around 3.25%. S&P500 hits intraday high of 2668.70 and is currently trading around 2666.80.

 

 

The near term resistance is around 2680 and any break above targets 2695/2720/2763/280. The index should break 2820 for further bullishness.

 

On the lower side, near term support is around 2580 and any break below targets 2559/2537.

 

It is good to buy on dips around 2655-60 with SL around 2620 for the TP of 2755.

 

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