Wall Street is set to open higher after positive Q1 earnings results and hopes of the continued reopening of the U.S. economy. 3M Co (MMM) reporter a better-than-expected quarterly profit, and Pfizer (PFE) reiterated is full-year forecast this morning. Investors will now be eagerly awaiting Q1 earnings results from major technology companies later this week. Microsoft (MSFT), Google-parent Alphabet Inc (GOOGL), Amazon (AMZN), and eBay (EBAY) will all report later this week.
The S&P 500 rallied past resistance at 2879.22 and closed at 2878.48 on Monday. The RSI index also turned higher in support of the up move along with below-average volume. There will now be potential support at 2895.93 if the market should continue to rally. Buyers have taken control, and sellers, so far, are not stepping in as aggressively at resistance levels. We believe that is a good sign that a potential new up trade has started.
We are currently long-term bullish and short-term bullish.
John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
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.
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