Source: Ibankcoin.com
The S&P 500/SPDR S&P 500 Trust ETF (SPY) is at a critical juncture right now. SPY at $280 (2,800 SPX/S&P 500) represents a crucial technical resistance level. Furthermore, stocks have been on a tear since markets bottomed late last year, are now significantly overbought, and are looking for a reason to correct.
The markets may use the China trade deal, or any other piece of positive news flow, to “sell the news” and pullback and/or consolidation before the 2,800 level on the S&P 500 is penetrated decisively.
Nevertheless, the short- to