There are many market participants who are now positive about a “deal” being made between China and the US at G20 – I am still very skeptical. Rallies will likely be false rallies.
The S&P 500 will likely get another boost, triggered by tweets from President Donald Trump as we approach the June 28 and 29 G20 in Osaka Japan. The S&P levels of 2,954 and then of course 3,000 could test as we know Mr Trump will likely make positive and sometimes rogue comments about how well he gets along with President Xi (or something to that effect). The Japan Nikkei 225 could rally to the 21,500 to 700 range or higher but again, these will be false rallies and will give bears better levels to sell strength. The trade talks will continue for months and years as both the US and China see long-term solutions that will not be fixed overnight. Personally I think S&P 500 rallies on some rogue and of course positive comments by Trump, and trades to 3,000 or higher then reverses as reality incerts itself into the conversation.