The SPX closed the week above the downtrend line and 61.8% retracement.
The SPX500 closed the week above the downtrend line and the 61.8% Fibonacci retracement level which was a bullish sign headed into the weekend. In addition, we closed at the 200DMA. We had the G20 meeting over the weekend, and based off the headlines coming in, the “trade war truce” may allow further gains in risk assets going into the end of the year like the SPX500. Based our chart below, the risk of moving back towards the 2869 level which is the 78.6% retracement has increased.