Bearish divergence (daily CCI (50) and RSI)
S&P500 is trading higher for the 4th consecutive day and jumped nearly 80 points after Trump and Xi Jinping have agreed to resume trade talks. It hits a fresh all-time high at 2981 and is currently trading around 2979.
US 10 year bond yield continues to trade lower and declined till 1.93% lowest level since 2016. It is currently trading around 1.97%.
The index's near term major resistance is at 3000 (161.8% fib) and any convincing break above will take to the next level till 3025/3050.
On the flip side, near term support is around 2966 (23.6% fib) and an indicative break below will take the index till 2942 (10- day MA)/2910 (Jun 26th low).
It is good to sell on rallies around 2982-84 with SL around 3000 for the TP of 2910.
