Headline News: Wall Street is set for a higher open as claims for unemployment came in close to pre-pandemic levels. Initial claims for unemployment benefits fell by 1,000 to a seasonally adjusted 268,000 for the week ended November 13th. That is the seventh straight week of declines and is now in range associated with a healthy labor market. Meanwhile, Nvidia (NVDA) reported better quarterly estimates and forecasted strong fourth-quarter revenue. The stock was 6.7% higher in pre-market trading. Markets: The S&P 500 traded sideways, closing at 4688.67 with volume of 2,065,298,944 on Wednesday. The index remains in the 4663.46- 4718.50 trading range and has continued to build the base we wanted to see. We continue to believe the index is consolidating the recent gains and is preparing an attempt at a potential new high soon. Today’s trading could be another sideways day with a low trading range with lower volume. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJFS Partner, DJWMG Windsor Wealth Planners & Strategist Futures trading is speculative, leveraged, and involves substantial risks. Investing always involves risk, including the loss of principal,… Read More
Headline News: Wall Street is set to open higher after upbeat earnings from Walmart (WMT) raised hopes of increased consumer spending. Home Depot (HD) beat quarterly sales same-store sales estimates. Meanwhile, the commerce department reported that U.S. retail sales increased 1.7% last month, the third monthly increase in a row. Markets: The S&P 500 closed lower at 4682.80 on low volume of 1,813,046,144 on Monday. The index is now back in the middle of the trading range of 4663.46 and 4718.50. At this point, the chart pattern is setting up to be a continuation pattern potentially to the upside with a new high possibly later this week. We expect more sideways trading to take place today. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJFS Partner, DJWMG Windsor Wealth Planners & Strategist Futures trading is speculative, leveraged, and involves substantial risks. Investing always involves risk, including the loss of principal, and futures trading could present additional risk based on underlying commodities investments. The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and changes of… Read More
Headline News: U.S. stock indexes were set to open higher as investors await third-quarter earnings from major retail companies. Walmart (WMT), Target Corp (TGT), Home Depot (HD), and Macy’s (MACY) will all report later this week. Also, the October retail sales report will be released on Tuesday and is expected to show the impact of the recent rapid rise in inflation. Markets: The S&P 500 rallied on Friday, closing higher at 4682.85 on below-average volume of 1,875,4646,192. The index is now back in the old trading range of 4663.46-4718.50 after a three-day selloff. Also, the index pulled back 1.9%f from the 11/5/2021 high of 4718.50, and we feel the selling could be done for now. So far this morning, the S&P 500 futures are set to open higher at 4696.00, which would potentially put the index in a position to attempt a new high later this week. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJFS Partner, DJWMG Windsor Wealth Planners & Strategist Futures trading is speculative, leveraged, and involves substantial risks. Investing always involves risk, including the loss of principal, and futures trading… Read More
Headline News: Wall Street is set for a higher open as the S&P 500 tries to rebound from a two-day selloff. The Treasury market will be closed today in observance of Veterans Day, so today’s trading could be low volume. Also, Senator Manchin is reportedly considering delaying a decision on the $1.75 trillion budget reconciliation bill until next year. He cited concerns over high inflation and the need for Congress to focus on the debt ceiling issue. Markets: The S&P 500 moved below the recent trading range of 4663.46-4718.50, closing lower at 4646.71. The index is now just above potential support at 4660.57, and we feel that level will be tested soon. The RSI index did move out of the overbought zone, which is typically a short-term sell signal. We want to see the S&P 500 internals move further out of the overbought levels before any new buying, and that could take a few more days to transpire in the current environment. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJFS Partner, DJWMG Windsor Wealth Planners & Strategist Futures trading is speculative, leveraged, and involves… Read More
Headline News: The S&P 500 was lower for the third day in a row closing at 4685.25 on Tuesday. The selling was not intense as down volume was only 58% on the Up/Down Volume. The net new high index moved below an uptrend line, and RSI remains in the overbought zone closing at 72.50. So far this morning, the index is trading lower in pre-market trading and is set to open below the potential support line at 4663.46. That would bring in possible support at 4660.57 and then potentially at 4598.53. Markets: The S&P 500 was lower for the third day in a row closing at 4685.25 on Tuesday. The selling was not intense as down volume was only 58% on the Up/Down Volume. The net new high index moved below an uptrend line, and RSI remains in the overbought zone closing at 72.50. The S&P 500 now has a trading range of 4663.46-4718.50, and we believe the index will trade inside the range for a few more days, creating a base before a potential attempt at another new all-time high. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset… Read More
Headline News: U.S. stock futures are trading flat after General Electric (GE) announced it would be splitting into three separate companies. Futures moved off the lows after the release of the October producer price index came in as expected. The PPI rose 0.6% month over month and was 8.6% year over year. One-third of the increase in goods prices came from a rise in gasoline prices, and on the goods and service side, 80% of the increase in final demand services came from auto and parts. The Labor Department will release the October consumer price index report tomorrow. Markets: The S&P closed at another new all-time at 4701.70 on lower volume at 2,205,445,888. We believe this is the start of a base to consolidate the recent gains off the 10/4/2021 low of 4278.94. However, we also think the base may not last long as markets are in the traditional strongest time of the year. The RSI index remains in the overbought zone closing at 76.71, and today should be another lower close with a small trading range. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Asset Management Specialist℠ Portfolio Manager, RJFS… Read More
Headline News: Wall Street is set for a higher open after the $1 trillion infrastructure bill was passed on Saturday. Industrial companies Catepillar Inc (CAT), Boeing (BA), and 3M were all higher in pre-market trading. Meanwhile, with nearly 90% of companies in the S&P 500 index having reported results, Refinitiv IBES expects overall earnings to have grown 41.5% for the third quarter. Markets: The S&P 500 closed at another new all-time high on Friday, closing at 4697.53. The advance/decline line and the net new high index are also in uptrends supporting the recent high. However, the index was trading higher early in the day until selling came in and pushed the index lower. We feel the selling that came in can potentially continue due to the volume coming in well above average at 2,597,537,792. We think potential resistance could come in at 4663.46, and the new possible resistance at 4718.50 will be hard to take out after the rally to these lofty levels. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJFS Partner, DJWMG Windsor Wealth Planners & Strategist Futures trading is speculative, leveraged, and… Read More
Headline News: The S&P 500 is set for a higher open after October’s better-than-expected jobs report came out this morning. The Labor Department reported nonfarm payrolls at 531,000 and an unemployment rate of 4.6%. Private payrolls also came in better than expected at 604,000 for October. Also, the wages increased 0.4% for the month and 4.9% year over year, showing that inflationary pressures have increased. Markets: The S&P 500 rallied to close at yet another new all-time high at4680.06 on Thursday. The RSI index remains in the overbought zone closing at 45.04. So, the uptrend remains in place, and today should be higher with a better than expected jobs report out this morning. The bulls are very much in control for now, and we feel it is best not to go against the trend. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJFS Partner, DJWMG Windsor Wealth Planners & Strategist Futures trading is speculative, leveraged, and involves substantial risks. Investing always involves risk, including the loss of principal, and futures trading could present additional risk based on underlying commodities investments. The Relative Strength Index… Read More
Headline News: U.S. stock futures are higher after another round of upbeat third-quarter earnings reports. Shares of Qualcomm (QCOM) were higher by 7% after reporting an increase of 56% in smartphone chip sales, and MGM (MGM) was higher by 5% after announcing the sale of its Mirage casino in Las Vegas to another vendor. Also, yesterday the Federal Reserve announced a $15 million monthly slowdown in bond buying, and signaling the U.S. economy can handle the unwinding of the pandemic stimulus. Meanwhile, initial claims for unemployment benefits fell 14,000 to a seasonally adjusted 269,000 for the week ended October 30th. Markets: The S&P 500 closed at another new all-time high at 4660.57 on Wednesday. The advance/decline line and the net new high index’s also closed at new highs for the year, supporting the uptrend. The RSI index moved further into the overbought zone closing at 73.47, but traders are not worried about the negatives are this time. As we have said before, the best approach now is to ride the uptrend but be cautious and on alert for the inevitable pullback that will come. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management… Read More
Headline News: Wall Street is set to open lower as investors await a decision from the Federal Reserve on a potential slowdown of the current bond-buying program. Also, there could be clues as to when the Fed will possibly raise interest rates. Inflation has seen prices increase at the fastest pace in 30 years, and investors will want to know how the Fed will act to slow the increases. Markets: Another day, another new all-time high for the S&P 500. The index closed at 4630.65 on volume of 2,140,098,048 and has now closed higher 13 times out of the last 15 trading sessions. The RSI index moved into the overbought zone closing at 70.68, and typically selling comes in at that level. This morning the S&P 500 is set to open lower, and we expect low volume until the Fed announcement at 2:00 p.m. Potential support could come in at 4598.53, and possible resistance is now at 4635.15. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJFS Partner, DJWMG Windsor Wealth Planners & Strategist Futures trading is speculative, leveraged, and involves substantial risks.… Read More
