The major US stock indices are extending to new session highs after reports that China is looking to offer to the US a solution for fentanyl as a springboard toward more trade talks.
The gains are led by the NASDAQ index which is currently up 323 points or 1.83% at 18034.90. The S&P index is up 91.34 points or 1.63% at 5695.65.
Looking at the S&P index on the weekly chart, the price is approaching the 50 week moving average at 5698.59. The high price just reached 5696.60. The moving average will be a key barometer that would need to be broken to increase the bullish bias.
Looking at the daily chart, the 200-day moving average comes at 5746.05. Yesterday, the index moved above its 50-day moving average at 5582.90. That 50-day moving average is now a risk/bias-defining level. A break of the 50-week moving average would have traders looking toward the 200-day moving average as the next key upside target
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