Daily Commentary
Headline news:
U.S stock futures were higher on Tuesday due to European Central Bank President Mario Draghi suggesting more policy easing is needed. This helped fuel further expectations of lower rates from the FOMC, which starts a two meeting today.
Markets:
The S&P 500 traded within the trading range of 2874.68-2910.61 with low volume on Monday. Investors appear willing to wait and see what the Fed does on Wednesday before committing to trades either way in the markets. We continue to believe more sideways trading is needed to consolidate the recent bullish move off the low of the year. A move above 2910.61 should bring in more buyers and possibly start a new leg higher.
We are currently long term bullish and short bullish.
John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, Windsor Wealth
Windsor Wealth
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, onions 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.