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Market Updates

Daily Commentary

March 6th, 2020

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Headline News:

Wall Street is set to open lower once again today on more concerns about the economic damage due to the coronavirus. As of 8:42 am, S&P 500 futures were down 84.90 points, and investors appear to be retreating to safe assets to protect capital.  The outbreak has affected supply chains globally and raised fears of a worldwide economic slowdown. Domestically, the U.S. economy added 273,000 new jobs in February, and the jobless rate fell to a low of 3.5%. The monthly job gain was the biggest gain since May of 2018.

 

Markets:

The S&P 500 sold off on Thursday and closed at 3023.94, which was below the 200-day moving average at 3051.28. Typically, a close below that level brings on more selling, and we expect the selling to, potentially, come in again this morning. The RSI index moved lower to close at 38.14, and volume was above average. So, possible support now becomes 2976.63, which is the bottom of the current trading range. Any move below that level sets up an attempt at the low that was set on 2855.84 on 2/28/2020.

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

 

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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.

Nonfarm payrolls track the number of part-time and full-time employees in both business and government. Average hourly earnings track employee pay while the average workweek, also part of the establishment survey, tracks the number of hours worked. The report’s private payroll measure excludes government workers.

The unemployment rate measures the number of unemployed as a percentage of the labor force. In order to be counted as unemployed, one must be actively looking for work. Other commonly known data from the household survey include the labor supply and discouraged worker

 

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