On analysis of the movements of S&P 500 futures, in different time frames, I find that S&P 500 looks ready to repeat the moves what it showed on September 30th, 2019 once again on October 30, 2019; which makes it a strong sell from the current levels for a target at 2947 before November 8, 2019. I find that Chinese haggling just before the final deal on tariff trade war front confirms a sliding move in U.S. equity indices till the weekly closing.
Trading Strategy: Short position
Entry Level : 3035 – 3045
Stop Loss : 3060 – 3080
Target (NYSE:TGT): 2935 – 2945
Risk : 20 points
Reward : 100 points
Risk/Reward : 1:5
Finally, I conclude that this delay in sealing a 15-month Sino-U.S. trade deal may result in heavy sell off amid growing skepticism over the success in finally sealing a trade deal; which will extend quantum of currently prevailing global economic slowdown fear, while the weak Chinese economic data confirms the continuity of this bearish trend in global equity markets. Watch my upcoming videos on S&P 500.
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