S&P500 with a new daily high, but still remains in consolidation

US indexes continue to rise in price today amid risk-on sentiment, the lack of important news about the trade war, and falling bonds. Relief in the political tension in the EU and Hong Kong has also helped stocks. However, since August 5, the price has been moving in a range of chop movements because of political and geopolitical uncertainty.

On the upside, the 50 SMA, which intersects with the resistance at 2945, remains open to attack if sentiment remains positive. The price remains between the 50 and 200 SMAs, and with the current price action, markets still can't decide which direction to take. In its previous two attempts to test the area at 2945, the price has gone back down, back into consolidation.

Trump's latest rhetoric is that China is "looking for a deal", although there is still uncertainty about whether there will be a meeting this month, the situation with Huaiwei and the imposition of new tariffs at this stage do not provide evidence that both parties are seeking a deal.

The continued positive sentiment in the catalyst, mainly from the trade war, will rise to 2945 again, with a breakthrough and exit from the range. In this scenario, the price will have the potential of a return to its latest ATH and area at 3029.

On the other hand, if a 2945 attack fails again due to insecurity or worsening again, we will expect the price to fall back below 2900 to the area at 2861, which was last supported. We have internal diagonal support that has been tested once before during yesterday's session. Her breakthrough will be further confirmation of the continuing downward movement.

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