SP500: The S&P 500 broke out after China exempts some U.S. imports from its 125% tariff rate

The S&P 500 surged for the fourth straight day on Friday, br eaking out of the downtrend channel , to close above the correction level (5,502.69) after several media report s of China exempt ing some U.S. imports from its 125% tariff rate. Be aware that the Chinese Foreign Ministry said a day earlier that China has not been engaged in any talks or negotiations with the U.S. on tariffs. T he bottom may be in, pending the release of big tech earnings, plus reports o f U.S. inflation data and U.S. payrolls, next week. Also let's hope that Trump will not come up with an y other idea s on tariffs so the index can stay out of correction level s . This note contained herein is our opinion and should not be construed as a recommendation to buy or sell. Click here to view the latest update!