Headline News: Wall Street is set for a higher open despite the fact that the November jobs report coming in lower than expected. The Nonfarm payrolls for November increased by only 210,000 compared to the estimate of 573,000, and the unemployment rate fell to 4.2% compared to forecasts of 4.5%. Meanwhile, the omicron variant has now been detected in five U.S. states, but investors seem encouraged that symptoms have been mild so far. Markets: The S&P 500 rallied on Thursday, closing higher at 4577.10 on volume of 2,790,614,272. The index moved past the resistance at the 50-day moving average, tested the 4598.53 resistance level, and failed. The volatility index moved off the recent high but is still at oversold levels. So, we feel the S&P 500 can close higher today and possibly halt the recent selloff if there is a close above 4598.53. If selling should come in today, we feel the potential support at the 50-day moving average at 4542.95 will hold. We are currently Intermediate-term bullish and short-term bearish. 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: U.S. stock futures are higher in early trading despite the first reported case of Omicron in the United States. Entertainment and leisure stocks were higher in the pre-market, with Boeing (BA), Royal Caribbean (RCL), and MGM Resorts (MGM) all higher by 2%. Meanwhile, Fed Chari Jerome Powell told Congress on Wednesday that the “economy is very strong and inflation pressure are higher. It is therefore appropriate in my view to consider wrapping up the taper of our asset purchases, which we announced at the November meeting, perhaps a few months sooner.” Markets: The S&P 500 moved below the 50-day moving average and closed lower at 4513.04 with volume of 3,044,670,208. The vast two-day increase in volume shows investors are now very concerned and want to hold safer investments. Also, the volatility index moved higher and is now near the 1/25/21 high of 37.51. The move below the 50-day average was surprising and has driven us to a short-term bearish stance for now. The next potential support level could not come in at 4465.40. We are currently Intermediate-term bullish and short-term bearish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJFS… Read More
Headline News: U.S. stock futures are much higher to start the day after the Private payrolls report came out better than expected. The ADP National Employment Report increased by 534,000 jobs last month, and the October report was revised higher by 1,000. Yesterday, Federal Reserve Chairman Jerome Powell testified before Congress and stated that inflation should not be considered ” transitory” in the future. That has investors eagerly awaiting the Beige Book report on current economic conditions due out today at 2:00 p.m ET. Markets: The S&P 500 sold off again on Tuesday, closing lower at 4567.00 on massive volume of 4,056,184,320. The index is now just above potential support at 4551.60, but the pre-market open is indicated to be at 4624.50, well above possible resistance at 4585.43. We feel these wide-range trading days will continue until there is some certainty on the Omicron variant’s impact on the U.S. economy. The volatility index also moved higher and is near the level where buying typically comes into markets. We believe any selling can be a potential buying opportunity. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠… Read More
Headline News: Wall Street is set for a lower open after a warning from Moderna’s chief executive on the effectiveness of the COVID-19 shots against the Omicron variant. CEO Stephane Bancel told the Financial Times it could take months to develop and ship a vaccine that targets the Omicron variant. Also, Regeneron Pharmaceuticals Inc said its COVID-19 antibody treatment could also be less effective against the new variant. Markets: The S&P 500 gapped higher on the open and closed higher at 4655.27 on Monday. The trading came with above-average volume of 2,497,637,120 shares traded, and RSI moved back above the 50 level, closing at 53.66. The trading took the index back into an old trading range which was encouraging, but the index is set to gap lower at the open due to virus concerns this morning. We are hopeful the potential support at 4585.43 will hold today due to buyers coming in at that level last Friday, and that should make the 48585.43 solid support today. If the selling intensifies, the next level of possible support could come in at 4551.60. 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: Wall Street is set for a higher open and rebound after the heavy selloff on Friday. S&P 500 futures were higher by 45 points, although the World Health Organization announcing the omicron variant poses a “very high” global risk. Also, the South African doctor who first raised alarms stated that patients had “extremely mild” symptoms from the virus so far. However, investors appear to see the recent selloff as a buying opportunity this morning. Markets: The S&P 500 experienced heavy selling on Friday with 2,130,846,464 volume with only a half-day of trading. The RSI index moved below the important 50 level, closing at 44.44 in support of the selling. Although the short-term outlook is unsettled, the long to intermediate view is still positive, and we feel the recent selling could be short-lived. So far this morning, S&P 500 futures are higher as investors reassess the omicron risk to U.S markets. The volatility index (VIX) is now at levels that show extreme fear, and buying, typically, comes in those levels. Potential resistance could now come in at 4680.36, and possible support could now be at 4551.60. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly… Read More
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
