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Market Updates

Daily Commentary

September 11th, 2020

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Headline News:

U.S. stock futures are higher to start the day after Oracle (ORCL) beat quarterly estimates and announced a possible recovery in client spending. The news had the stock up 3.4% in pre-market trading along with Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Netflix (NFLX) all up 1% before the market opens. Investors appear ready to buy up tech stocks that sold off heavy in yesterday’s trading. Also, the Labor Department announced that the consumer price index rose 0.4% in August, and the year over year number increased by 1.3%.

Markets:

The S&P 500  briefly touched resistance at 3424.77 and then moved below support at 3399.54 and 3349.63 to close at 3339.19 on Thursday. The move came with lower volume than previous selling days at 2,570,395,136, and the RSI index moved lower to close at 44.58. The next critical potential support level could come in at the 50-day moving average at 3317.06. We will remain short-term bearish until there is a positive day with over 3,000,000,00 plus volume day.

We are currently long-term bullish and short-term bearish.

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John N. Lilly III CPFA
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, DJWMG
Windsor Wealth Planners & Strategist

 

Futures trading is speculative, leveraged, and involves substantial risks. Investing always involves risk, including the loss of principal, and futures trading could present additional risk based on underlying commodities investments.

 

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 buy or sell any company’s stock mentioned above.

 

. New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time. An increasing (decreasing) trend suggests a deteriorating (improving) labor market. The four-week moving average of new claims smooths out weekly volatility

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