Daily Commentary
Headline News:
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.
Markets:
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
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.