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US shares moved to session highs after China fentanyl hopes

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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