Now that the SPX has closed above 2800 it’s within striking distance of re-taking the 2018 highs up near 2870. Crazy enough, this could happen quite quickly. Economic data is light this week so eyes are on earnings. Absent a black swan event, the stage is set for this market to go higher.
That’s really the summary. The rest of the news about trade wars and international relations is so badly misrepresented by partisan media outlets that markets have about tuned them out completely. Unless policy actually changes — or missiles start getting lobbed at countries — it seems this market is about over the finger pointing. It’s getting back to a more normalized ‘results’ driven analysis, with the Fed’s monetary policy now taking a partner roll to economic data rather than being the primary driver.
The SPX is a bit over-bought at this point — and least by the numbers — so a pull-back of 25ish points is not out of the cards. But the bigger technical up-trend remains intact at this time.
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