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Daily Commentary

February 19th, 2020

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Headline News:

Wall Street is set to open higher today on news of a slowing in the coronavirus infections, and on hopes that China would continue to take steps to prop up its economy. In the U.S., investors will hear from several FOMC voting members throughout the day, and they will be able to read meeting notes from the Fed’s January meeting. There will also be critical economic data released about inflation and the housing sector.

Markets:

The S&P 500 moved down to support at 3352.26 and bounced higher to close at 3370.29 on Tuesday. There was a pickup in volume, and the RSI turned lower to close at 63.26. The index has now formed a good four-day base inside the current trading range of 3352.26-3385.09. The longer the basing goes on, the better the chance of a potential attempt at a new high.

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, DJWMG
Dominguez & Jones Wealth Management Group

 

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.

 

 

 

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