Yesterday President Trump replaced Secretary of State Rex Tillerson with Mike Pompeo. General sentiment is that President Trump is pushing his protectionist policies with aids that will support his approach. Whilst the SPX did sell off yesterday, the bigger picture remains relatively bullish. The SPX’s exponential moving averages are in bullish formation. The green 3-day EMA is above the orange 13-day EMA, and the orange 13-day EMA is above the black 34-day EMA. Whilst this does not necessarily guarantee significant price increases; significant price increases cannot take place without this formation. The RSI(9) is also above 50 and indicative of a broad underlying bullish momentum. If the EMAs all turn up, this would be the next bullish step.
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