Headline News: U.S. stock futures are higher after a phone call between President Biden and Chinese leader Xi Jinping has potentially eased tension between the two nations. Meanwhile, the producer price index rose 0.7% for August, indicating that inflation could remain high. Year over year, the index has risen 8.3%, the most significant increase since 2010. Also, the supply chains remain backed up due to the continuation of the COVID-19 pandemic. Markets: The S&P 500 closed at 4493.28, which was below the support level of 4493.95. There was a pick-up in volume with 1,832,259,968 shares traded, and RSI has begun to move lower, closing at 55.09. The next potential support level is now at 4468.89, and we believe the index will potentially test that soon. Today, the index could try and test possible resistance at 4513.33, but the trading could remain in a narrow range to close out the 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,… Read More
Headline News: Wall Street is set for another lower open on fears of slowing economic growth and a potential Federal Reserve tapering monetary policy. However, first-time filings for unemployment claims in the U.S. came in lower at 310,000. That was the lowest total since March 14th, 2020. Continuing claims also came in lower at 2.78 million, a drop of 22,000 from the previous week and also the weakest since March 14th, 2020. Markets: The S&P 500 moved below support at 4513.33 and then rallied to close 4514.07 on Wednesday. The rally came with an increase in volume, with 1,780,187,008 shares traded. We feel the rally shows there is still a “buy the dip” mentality in the markets, which could keep the index propped up. However, the current base is now in jeopardy if the 4513.33 level is broken today. If so, potential support could then become 4493.95 and then 4468.99. We feel the two possible support levels could be tested soon as we are still in a traditionally choppy time of the year for markets. 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,… Read More
Headline News: U.S. stock futures are lower as the spread of the Delta virus continues to raise concerns about a slowing domestic economy. Investors are also concerned the Federal Reserve may start to unwind the monetary stimulus that has helped the economy recover. The seasonally choppy trading for September and October may already be in play, and with the S&P 500 being up over 20% for the year without one 5% pullback so far this year. Markets: The S&P 500 tested and held support at 4513.33, with 1,804,739.840 shares traded on Tuesday. The index also tested resistance at 4537.36, showing a battle by traders on the future direction of markets. If the current support should give way, the next level could potentially come in at 4468.99. We feel there will be more sideways trading at these levels as the current base continues to grow. Today, we are looking for another test of the 4513.33 level early, and it will be important for buyers to step in at that level again. 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 &… Read More
Headline News: Wall Street is set for a lower open due to the potential for a slowing U.S. economy and a rise in COVID-19 cases. The weak jobs report on Friday gives the Federal Reserve room to delay the start of tapering bond purchases, but the increase in infection could slow the re-opening of the economy. Markets: The S&P 500 remains in a trading range of 4513.33-4537.36 and continues to build a base. The resistance at the top of the range has been tested twice, so the index looks set to, potentially, close at a new high soon. The RSI index remains below the overbought level, so there is still room to move higher, and the advance/decline line is also supportive of a break-out. 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 The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and changes of price movements. The advance/decline line (A/D) is a technical indicator that plots the difference between the number of advancing and declining stocks on a… Read More
Headline News: Wall Street is set for a higher open as investors speculate the Federal Reserve would maintain an accommodative policy. Recent economic data has indicated the U.S. economic recovery was slowing due to the rise in COVID-19 cases. Meanwhile, the number of Americans filing for unemployment fell last week while layoffs dropped to the lowest level in more than 24 years in August. Initial claims for unemployment fell by 14,000 to a seasonally adjusted 34,000 for the week ended August 28. Markets: The S&P 500 trade sideways again and remains inside the current trading range of 4513.33-4537.36. A base has now clearly formed, setting the index up for a potential new all-time high. We feel the index will continue basing today as investors await the jobs report released tomorrow morning. 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… Read More
Headline News: U.S. stock futures are higher to start the month despite a weaker than expected private jobs report out this morning. ADP reported that private payrolls rose 374,000, well below the projection of 600,000. A surge in COVID-19 cases and cutbacks in hiring were cited for the drop in new jobs created. There was an increase in hirings in the leisure and hospitality sectors, hopefully showing the economy is still on track to reopen. Markets: The S&P 500 traded sideways, closing at 4522.68 on Tuesday. We hope that a base will now form over the next few days so the index can potentially resume the uptrend. There is now a trading range of 4513.33-4537.36 established, which should also act as potential support and resistance. However, the S&P 500 is higher in pre-market trading and poised to open at a new high. If that should hold in the first thirty minutes of trading, the index could potentially rally the rest of the day. 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,… Read More
Headline News: U.S. stock future were flat to start the day as the last day of trading for August has the S&P 500 up 3%, Nasdaq Composite up 4%, and the Dow up 1.3% for the month. Investors have brushed aside fears of rising coronavirus cases and are focused on the Fed’s positive comments on the U.S. economy. Markets: The S&P 500 closed at 4528.79, and yes, that was another new all-time high. The index has now closed higher seven out of the last eight trading days, and a new uptrend is now firmly in place. Another positive it the net new high index has also moved close to a new high showing broad market participation. We feel that another small base at this level is needed before the index can potentially move higher, and today should be a sideways day of trading to start a new base. Possible support could come in at 4513.33 if the selling should accelerate. 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… Read More
Headline News: Wall Street is set for a higher open after remarks last week by the Federal Reserve were encouraging about future U.S. economic growth. Fed Chair Jerome Powell reaffirmed a steady economic recovery and explained there was no impending tapering of current fiscal policy. His remarks also indicated there would likely be no interest rate hikes soon. So, investors will now await the release of Friday’s job report for more data on the U.S. economy. Markets: The S&P 500 closed at 4509.37, another new all-time high on Friday. The rally came after a profit-taking day on Thursday brought the buyers back into the market who were looking to “buy the dip.” The advance/decline line also moved to a new high, showing support for the rally. The net new high index moved higher but has not yet, confirmed the rally. We feel the index has room to, potentially, move higher from these levels, and the RSI index not at the overbought level shows there is still room to move higher. Today should, in our opinion, produce another new high. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management… Read More
Headline News: S&P 500 futures are set for a flat open a day after the index moved past the 4,500 level for the first time in history. Today, investors will be focusing on the Jackson Hole symposium, with speakers making remarks starting today. The President of the Kansas City Fed, Esther George, stated, “given the progress we have seen,” Fed tapering is “appropriate.” Meanwhile, weekly initial jobless claims came in at 353,000 and economic growth according to the Commerce Department for the second quarter totaled 6.6%. Markets: The S&P closed at 4496.19, another new all-time high on Wednesday. The index has now had five higher closings in a row. The advance/decline line also closed at a new high for the year, and the net new highs index rallied and broke through a down trend line. So, the internal indicators show broad participation in the rallies, which is a good sign that the rallies can, possibly, continue. Potential resistance is now at 4501.71, and possible support remains at 4480.26. Again, we hope for a base to form at these levels to consolidate the recent gains. We are currently Intermediate-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio… Read More
Headline News: Even though reports show that delta variant cases may be peaking, Wall Street is set for a flat open. Positive cases are now rising at a lower rate, and investors appear confident the U.S. economy can continue to recover although at a slower pace. The Jackson Hole symposium starts on Thursday, where central bankers could provide updates on the potential for a tapering policy to begin. Chairman Jerome Powell is set to give a speech on Friday that will be closely watched for any guidance on future policy. Markets: The S&P attempted to move past the 4489.88 resistance level but could not breakout. The index did close at a new all-time high of 4486.26 after trading in a tight range. So, we are hopeful a new base can be formed at these levels as the market takes a pause. The advance/decline line is now at a new high for 2021, encouraging more potential upside trading soon. The net new high index plunged, showing a select few stocks are now moving the market higher. There will need to be broad participation of more stocks to start another new potential uptrend. Possible resistance is now at 4492.81, and potential support… Read More
