Wrote this earlier today: (IN BLUE)
TRADE and FED PUTs now off the table, with the TRADE PUT kicked down the road, a long way, as the President said "he is in no hurry for a deal" which can mean "that's enough of that, do not want to have to deal with it for next 18 months"
FED cannot raise rates with markets near the high or at the high or even about 5% down from the high.
That means the market has room to rise or drop on its own accord, reasons other than FED rate cut and Trade War, e.g. earning, NFM report, economic indicators, other geopolitical events
I expect the market to try to push a bit higher but the next major move is DOWN.
Fizzling for a few sessions at the high, new marginal highs, but this leg up is over, done, good rally, good trades, now on to the down moves
It is quite possible for SPX to continue rallying to as high as 2030 but I think we are near or at a ST high and I look for at least a 5% decline starting soon. SPX must take out today's high and then close above it to maintain a bullish tone.
The last time stocks gapped up following ‘trade progress’ at G20 was December 3, and then the S&P fell 17%