Wall Street is set to open higher today after strong earnings results from bellwether companies. Apple (AAPL) was higher by 1.9% after strong holiday sales, Boeing (BA) was 1.7% higher, and General Electric (GE) was 6.5% higher after reporting a quarterly profit. Facebook (FB) is set to report earnings after the market close today. Investors will also be on alert after China’s President Xi Jinping said containing the coronavirus remains a grim task.
The S&P 500 rallied on Tuesday and moved above an important resistance level at 3260.86 to close at 3276.24. However, the buying came in at only slightly above-average volume. The RSI index did move back above the 50 level, which is supportive of the rally and could show more potential buying this week. Possible Resistance is now, again, at the 3302.82 level.
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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