S&P500 technical analysis: US Stocks end the week in green as the market cheers prospects of a rate cut

• The lower-than-expected US Nonfarm Payrolls (NFP) increases expectations of a Fed’s rate cut, sending equities up. 
• Easing tensions on the trade war front alos helped equities. Chinese President Xi said that a solution should be found despite the disagreements. 

S&P500 daily chart
 
The S&P500 Index is up for the fifth consecutive day this Friday as the market is testing the 200-day simple moving average (DSMA).

S&P500 4-hour chart

The index is under bullish pressure above its main SMAs. The 2,870.00 target has been hit while 2,893.00 and 2,940.00 are now on the bulls radar. Immediate support is at 2,8700.00 and 2,800.00.

Additional key levels