Will The S&P 500 Make All-Time New Highs In 2019??? – Part 5

In Part 4, which was written one week ago, I talked about how price finally closed above the red glass ceiling, but closed the week below the major resistance level.

Will The S&P 500 Make All-Time New Highs In 2019??? – Part 4

Fast forward one week and price not only took out last weeks high, but is now sitting in the daily demand at 288. This is the level I have been eyeing for the last two months.

April has been the kindest month for stocks over the past 20 years.
Since 1999, the S&P 500 has risen 1.7% on average during the month of April, according to LPL Financial. “U.S. stocks’ strength in April has been especially apparent in the current bull market,” Ryan Detrick, senior market strategist for LPL financial wrote in a Monday research note.

Detrick pointed out that a strong first quarter has been especially bullish for the month of April, noting that since 1950, stocks have closed higher in April when January, February and March saw positive gains as well. The average rise in April for those years was 2.6%.

Source

So based on the two stats above, that would keep price in this bull trap set-up at the 288 level. But I have no idea how the US-China trade discussions are going to turn out. According to Trump, a deal is close to being reached. And according to a China’s official news agency, the trade talks achieved new progress and remaining issues will be addressed.