President Trump tweeted that the US and China are close to signing a trade deal that would avert another round of tariffs due to start on Sunday. As one of the most typical indices in the US, I believe that the SP500 will oscillate while rise and rally at the 0.718 line of Fib Extension. Once it breakthrough it will then rally at 3190 and the 3194.4 becomes a new resistance pivot. On the other hand, a upward gap will become a short term support for the oscillation in the following days.
Strategy:
Entry:3179.6
T/P:3190.0(+10.4)
S/P:3169.7(-9.9)

US-China trade optimism may enhance the US's confidence in terms of stock market

Dec 01 2020

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