U.S. stock futures are set to open higher ahead of the large tech antitrust hearing in Washington and the July FOMC policy statement later today. Amazon (AMZN), Apple (AAPL), Google (GOOG), and Facebook (FB) will testify before the house judiciary committee at 12:30 pm today. The Federal Reserve will release its policy directive at 2:00 pm, but no change in rates is expected. Then at 2:30 pm Chairman Powell will host a follow-up press conference where he is scheduled to speak on the state of the U.S. economy.
The S&P briefly traded above resistance at 3233.13 only to sell-off late in the day to close at 3218.44. The index has now formed a trading range of 3198.59-3233.13, and we feel the trading range could last a few more days. The uptrend that started back 5/14/2020 is still in place and looks set to continue despite the occasional few days of heavy selling.
We are currently long-term bullish and short-term bullish.
John N. Lilly III CPFA
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Windsor Wealth Planners & Strategist
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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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