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Market Updates

Daily Commentary

April 14th, 2020

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Headline News:

S&P 500 futures are higher on better-than-expected trade data from China, and some economies were potentially starting to open up again. Exports and imports compressed less than expected in China as factories restarted production. Domestically, earnings Q1 earnings season has begun with JPMorgan (JPM) profits were down for the quarter, and Johnson & Johnson (JNJ) beat Q1 estimates but slashed its 2020 profit projection. Also, investors will be awaiting word from President Trump on his plan to re-open the economy.

Markets:

The S&P 500 traded down to support at 2711.33 and rallied to close at 2761.63 on Monday. The index is now in a new trading range of 2711.33-2825.60, and a move above the potential upper resistance could happen this week, in our opinion. If so, that would bring in the potential for 2882.59 to become resistance and bring the index back up to the 50-day moving average. We continue to believe more sideways trading action to build a base would be best before a new move higher. However, buyers appear to be taking control of trading this morning.

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
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.

This is not a recommendation to purchase or sell the stocks of the companies mentioned.

 

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