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Market Updates

Daily Commentary

March 31st, 2020

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Headline News:

U.S. stock markets are set to open lower on Tuesday and the Dow is poised to post the worst first quarter in history.  The Dow moved higher by 700 points on Monday as investors were encouraged by announced approaches to contain the pandemic. President Trump extended the social distancing timeline to April 30th, and most economists believe that will help reduce the damage to the U.S. economy. However, market volatility is expected to continue for the rest of the week.

Markets:

The S&P 500 has now formed a small trading range of 2562.92-2673.1, and we feel it is still in a good position for a possible move higher soon. We feel the current base could be a continuation pattern, but we do see some selling coming in today. However if possible, support at 2562.92 should hold the index will still be in a base. So far, the volume has been below average while the base forms which is common in continuation patterns. The RSI index continued to move higher to support the up moves and closed at 46.73 just below the essential 50 level.

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
Windsor Wealth Planners & Strategist

 

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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