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Daily Commentary

March 11th, 2020

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Headline News:

U.S. stock futures are lower this morning on fears potential stimulus efforts will not halt the economic impact of the coronavirus epidemic. President Trump met with top Republicans to discuss a payroll tax cut, but he did not announce any concrete plans for a new policy. A good night for Presidential candidate Joe Biden also has not been able to stop the early morning selling. Later today, the Labor Department will announce inflation for February, and traders will be watching the number closely for the health of the U.S. economy.

 Markets:

The S&P 500 rallied above resistance at 2855.84 on good volume to close at 2882.23 on Tuesday. The RSI index moved above the 30 level, typically a potential buy signal, to close at 36.86 in support of the up move. Possible resistance could now come in at 2976.63 if the buyers come back into the markets today. We will remain short term bearish because we feel the rally was an oversold bounce, and we think the selling is potentially not done due to many resistance levels in play

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.

 

 

 

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