Wall Street is set to open higher a day after Iran launched missiles at U.S. targets, but the Middle East country did signal no further escalation. Overnight S&P 500 futures were down as much at 1.7% but rallied after President Trump tweeted, “all is well.” The President is expected to address the nation later today, and investors will be looking for signs of stability in global markets.
The S&P 500 traded lower on Tuesday and is now in the middle of the 3212.30-3258.14 trading range. The RSI index did move lower and closed at 64.39, while volume was only average. We feel this is healthy trading action and will help set the index up for a possible move to a new high. However, we do need to see volume pick up and RSI turns higher before any new move higher can begin.
We are currently long-term bullish and short-term bullish.
John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, Windsor Wealth
The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and changes of price movements.
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