Daily Commentary
Headline news:
U.S. Nonfarm payrolls only increased by 75,000, and wage growth was less than expected for May. The data suggest the economy may be slowing faster than expected, which could force the Fed to lower rates soon. Stock futures moved down on the news, but U.S. markets are still set to open slightly higher.
Markets:
The S&P 500 moved higher for the third day in a row and quickly moved above resistance at 2840 and out of the trading range. However, the last two days have come with lower than average volume. The RSI moved above the 50 level, which is a good sign of buy strength. We feel the index will need to move sideways before more substantial buying occurs. We are moving to a short-term cautious stance today.
We are currently long term bullish and short term cautious.
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, onions 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.