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Daily Commentary

March 10th, 2020

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Headline News:

Wall Street is set to open higher today, and S&P 500 futures were up over 3.9% in overnight trading. The selling on Monday trigged a trading halt of fifteen minutes early in the day as the Dow was down over 2,000 points. The coronavirus was the main culprit of the selloff, along with a plunge in the price of oil that matched the pullback during the 1991 Gulf War. Investors will be looking to Washington D.C.  and President Trump’s news conference later today.

Markets:

The S&P 500 moved below support at 2855.94 to close at 2746.56 on Monday. Volume was heavy, and the RSI index moved below the important 30 level to close at 271.13. So, there was conviction in the selling which resembled a panic sell-off. New support could potentially come in at 2728.81 and then 2603.54, with the worst case being 2532.69. The index is now flirting with bear market territory for the first time since 2008. A relief rally should be in the cards today, but we feel sellers will be lurking at important resistant levels if they should get tested.

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

Wealth Management Services Near Me - SP 500 retirement investment opportunities Graph IMG 130

 

Personal Financial Planner Near Me - SP 500 retirement investment opportunities Graph IMG 130b

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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