The S&P continued its push higher this morning on positive outlooks on the U.S./China trade talks from yesterday and today. The market looks to finish the week higher after declining on Tuesday and pushing to a low of 2881.75 on Thursday when reports of Chinese headlines stating that trade negotiations weren’t seeing progress. Once the U.S. markets opened and we saw that talks were still on schedule, the market reversed and closed positive on the day. It seems that the attack on an Iranian oil tanker hasn’t done much to hinder the move higher this morning on the S&P. The market looks to remain bullish in the short term as any headlines we see this afternoon will have a positive spin. The next upside target is resistance at 2970 and 2995 with support coming in at 2935. A close under support would propel a move lower to 2890.

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Tyler Herrmann

Senior Market Strategist
Tyler attended Kansas State University where he majored in Agricultural Economics. He started his career in the futures industry with an IB in North East Kansas where he worked with farmers and cattleman to hedge their risk in the market and protect profits with a variety of futures and options strategies. Most recently Tyler has joined RJO Futures as a market strategist.
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