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Market Updates

Daily Commentary

January 28th, 2020

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Headline News:

U.S. stocks are set to open higher on Tuesday after the S&P had its worst trading in four months. Global markets stabilized after the head of the World Health Organization said they are confident that China can contain the coronavirus outbreak. The Federal Reserve will begin its first meeting of the year and is expected to leave interest rates unchanged this month. Also, after the market close, Apple (AAPL) will report fourth-quarter earnings, and investors will be watching that report closely.

Markets:

The S&P 500 sold off below support at 3260.86 and stopped at another support level at 3223.43. The index did bounce back to close at 3243.63 with better than average volume on the day. The selling caused the RSI index to dive lower below the 50 level to close at 47.17. So, the selling has relieved the overbought condition the RSI and the index had been in for weeks. At this point, we are now cautious, but we do feel this pullback can potentially be a new buying opportunity.

We are currently long-term bullish and short-term bullish.

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John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, Windsor Wealth
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.

 The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S stock market. Past performance may not be indicative of future results. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investors’ results will vary. Opinions expressed are those of the author John N. Lilly III, and not necessarily those of Raymond James. “There is no guarantee that these statements, opinions or forecast provided herein will prove to be correct. “The information contained was received from sources believed to be reliable, but accuracy is not guaranteed. Investing always involves risk and you may incur a profit or loss. No investment strategy can guarantee success. The charts and/or tables presented herein are for illustrative purposes only and should not be considered as the sole basis for your investment decision. International investing involves special risks, including currency fluctuations, different financial accounting standards, and possible political and economic volatility. Investing in emerging markets can be riskier than investing in well-established foreign markets.

 This is not a recommendation to purchase or sell the stocks of the companies mentioned.

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