Headline News: U.S. stock futures were higher as investors continued to evaluate earnings from major S&P 500 companies. Tesla (TSLA) is one of the companies that will release results after the closing bell today. Meanwhile, Apple (AAPL) announced plans to invest $1 billion on a new campus in Raleigh, North Carolina, and they will employ 3,000 people working on new technology. Las Vegas casinos will also be allowed to operate at 80% capacity beginning Saturday, and the EU is reportedly planning to allow Americans to travel the region freely. Markets: The S&P 500 tested the old high at 4191.31 and briefly traded at a new all-time high of 4194.17 during Friday’s trading. RSI also moved higher in support, closing at 65.32. The index has now formed a good base, and we now feel a new closing high is the potential next move. We are moving back to a short-term bullish stance. We are currently long-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… Read More
Headline News: U.S. stock futures are higher despite the announcement of President Biden’s proposed capital gain increase sent that markets lower on Thursday. The plan would almost double the tax on the wealthiest taxpayers and included the most extensive levies on investment gains. Meanwhile, later today, economic reports on manufacturing and services PM and New Home Sales will be released. Investors will continue to watch these reports along with more Q1 earnings reports. Markets: The S&P 500 traded in a wide range on Thursday and tested for, a second time, support at 4120.87 and held. The index had earlier moved past resistance at 4151.69 only to close lower at 4134.98. There was a pick-up in volume with 2,382,575,616 shares traded, and RSI continued to move lower, closing at 60.76. The selling was in reaction to a potential increase in the capital gains tax for higher-income taxpayers. So, the trading today could indicate if the sellers are truly back in charge. We still feel a test of potential support at 4095.51 will happen soon. We are currently long-term bullish and short-term cautious. 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 were lower as investors continue to review earnings reports from S&P 500 companies. Also, later today, the jobless claims report is due out, and it is expected to give clues on the health of the economic recovery. The data is likely to show that the number of Americans filing new unemployment claims rose last week. Increased vaccine rollouts have in the U.S. have improved the recovery rate, but another surge in COVID-19 cases could be a problem over the next three months. Markets: The S&P 500 rallied back above resistance at 4151.69 to close much higher at 4173.42. However, volume was once again low, with only 2,097,715,456 shares traded. The RSI index did move higher in support of the rally closing at 67.80. So, the question becomes, was this an oversold rally or the start of another uptrend? We feel there will be more downside to come and that the 4095.51 level will be tested. We do not think a downtrend is starting but only selling to relieve the overbought condition of the S&P 500. We are currently long-term bullish and short-term cautious. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management… Read More
Headline News: U.S. stock futures were flat to start the day after two straight days of heavy selling. Q1 earnings have been robust, with 90% of S&P 500 companies reporting better than expected earnings. However, it appears the good earnings were already priced into equity prices, and markets appear to be in a sell the news mode. Also, the rising COVID-19 cases abroad could lead to renewed travel restrictions that could slow down the economic recovery. Markets: The S&P 500 moved below one support level at 4151.69, traded down to the next support zone at 4120.87, and rallied off that level to close at 4134.94. RSI continued to move lower, closing at 63.91, but there could possibly be more selling to come after moving out of the overbought zone. The next level of potential support could come in at 4095.51, and we feel that level will be tested soon. So far, the selling appears to be typical profit-taking after a recent massive rally of the March lows. We are currently long-term bullish and short-term cautious. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJFS Partner, DJWMG Windsor Wealth Planners & Strategist … Read More
Headline News: U.S. stock futures are lower as an increase in global COVID-19 cases has investors worried about economic growth. Virus cases continue to rise overseas as some developed nations struggle to contain infections. Also, U.S. markets appear to be extended, and some traders may be looking to lock in profits after the recent uptrend off the march low at 3723.34 on 3/4/2021. Markets: The S&P 500 traded down to and held support at 4151.69 and closed lower at 4163.26. The RSI index did move out of the overbought zone closing at 69.66, but a move below 70 typically brings in more selling. We feel the index will potentially test support at 4120.87 before resuming the uptrend. That pullback would be constructive and possibly bring in the buy-the-dips investors. We will now be moving to a short-term cautious stance. We are currently long-term bullish and short-term cautious. 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.… Read More
Headline News: U.S. stock futures are lower to start the week after last week had strong Q1 earnings results. Also, economic data releases showed an improving economy and an accommodative Federal Reserve. Meanwhile, according to CDC data, half of all U.S. adults have received at least one Covid vaccine dose. More than 129 million people ages 18 and older have received one shot, and 32.5% of adults are now fully vaccinated. Markets: The S&P 500 ended the week with another new closing high at 4185.47. The week’s trading did see a slight increase in volume, with Friday’s trading being the high mark at 2,205,716,992 shares traded. Today could be a sideways trading day as the index now needs consolidation before moving higher. The RSI stayed in the overbought zone closing at a new high of 74.53. If the recent pattern holds, the base could be one or two days before the uptrend continues. Potential support could come in at 4173.49, and possible resistance is now at 4191.31. We are currently long-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… Read More
Headline News: U.S. stock futures were trading flat to start the day after Q1 earnings from Morgan Stanley (MS). The investment bank had a 150% jump in profits while showing an almost $1 billion loss from the demise of private fund Archegos. The report was the last from the major U.S. banks that showed strong earnings after an increase in investment banking gains. Investors now appear encouraged that fast economic recovery could be on the way later this year. Markets: The S&P 500 closed at another all-time high at 4170.42 after moving out of another small base. The volume was low with only 2,119,606,400 shares traded, and RSI moved back into the overbought zone closing at 73.36. However, low volume and wide range trading days are, for now, the norm and must be respected. If the recent pattern continues, then today could be a small sideways trading day to set up another attempt at a new high. Potential resistance could come in at 4173.49, and possible support will be at 4151.69. We are currently long-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJ Partner, DJWMG Windsor Wealth Planners… Read More
Headline News: Wall Street is set for a higher open after continued good Q1 earnings results. Bank of America (BAC) reported better than expected earnings and was higher by 1.3% in pre-market trading. Newly listed stock Coinbase (COIN) was higher by 8.8% this morning, a day after first-day trading that saw its market cap briefly touch $100 billion. Meanwhile, U.S. retail sales increased by 9.8% in March, and February’s report was revised higher to 2.7%, showing an increase in consumer demand. Markets: The S&P 500 traded sideways on Wednesday and has formed a small trading range of 4120.87-4151.69. The RSI index moved below the oversold zone, closing at 69.37, typically bringing in the sellers. A move above the 4151.69 level could be seen as bullish and attract new buyers since there will be no overhead resistance. We would like to see the trading remain inside the new range before continuing the impressive recent rally. We are currently long-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio Manager, RJ Partner, DJWMG Windsor Wealth Planners & Strategist Futures trading is speculative, leveraged, and involves substantial risks. Investing always involves risk, including the… Read More
Headline News: U.S. stock futures are mixed after two major banks reported better than expected Q1 earnings. JPMorgan (JPM) beat estimates on both the top and bottom lines but was down over 1% in pre-market trading. Goldman Sachs (GS) reported record Q1 net profits and revenues and was higher by 1.7% in early trading. Also, crypto exchange company Coinbase (COIN) will begin trading on the Nasdaq exchange this morning. Investors will be monitoring the first day of trading closely as the crypto space continues to gain steam. Markets: The S&P 500 closed at another all-time high of 4141.59 after moving out of the small trading range. The base, once again, did not last long after a wide range day on 4/9/2021, which has been the pattern during the uptrend. The volume came in low at 2,051,974,656 while the RSI index remains in the overbought zone closing at 73.13. We question whether or not investors are pricing in good Q1 earnings ahead of the upcoming announcements, leading to a potential sell the news scenario. However, the uptrend is still in place, and the index remains bullish. Potential support could now come in at 4131.76, and possible resistance is now at 4,148.00.… Read More
Headline News: Stock futures are lower after U.S. federal health agencies recommended pausing the use of Johnson & Johnson’s single-dose COVID-19 shot. Meanwhile, the consumer price index for March rose 0.6% in March and 2.6% from March 2020. Core CPI, excluding food and energy, increased 0.3% and 1.5% year over year. Biden administration economists are now expecting inflation in the coming months, but they also said the increase could be temporary as the economy opens back up later this year. Markets: On Monday, the S&P 500 traded sideways, trading in a small range after achieving another all-time intraday high. The index has now formed a short-term trading range of 4095.51 and 4131.76. The volume was again low with only 1,911,669,120 shares traded, and the RSI index remains overbought, closing at 72.00. Recently the bases that have formed have only been 2-3 days long, so we are expecting the same timeframe to apply to this new potential base. The outcome of Q1 earnings and investor’s reaction to the recent inflation numbers could be critical to the next market move. We are currently long-term bullish and short-term bullish. John N. Lilly III CPFA Accredited Portfolio Management Advisor℠ Accredited Asset Management Specialist℠ Portfolio… Read More
