U.S. markets are set to open lower with S&P 500 futures lower by 10 points to start the day. Investors will be watching for the important monthly jobs report being released this morning. The Labor Department’s data is expected to show an increase in job growth for January.
The S&P 500 traded higher for the fourth day in a row to closed at another all-time high on Thursday at 3345.78. The old resistance of 3333.18 is potential support if any selling should come into the index. The volume was below average, and the RSI did not make a new high closing at 53.45. So, the breakout to a new high is suspect, and we are looking for potential selling to come in soon to consolidate the recent gains.
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.
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.