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Daily Commentary

September 25th, 2020

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Headline News:

U.S. stock futures are lower as uncertainties about upcoming election results, and the lack of a new relief bill weigh on the markets. Investors appear to be fearful that the November election results will be delayed beyond the election day. However, Bloomberg recently reported that Goldman Sachs (GS) believes markets are overstating the risks from a delayed election result. The U.S. Congress is still not close to a new round of stimulus to help prop up the economy the continues to suffer from the COVID-19 pandemic.

Markets:

The S&P 500 traded down to potential support at 3220.05, bounced off that level, and closed higher at 3246.59. The trading came on average volume at 2,390,620,672, and the RSI index was slightly higher, closing at 38.28.  We feel there will potentially be more selling before the current downtrend is resolved. The support at 3200.05 has proven resilient, and that will be the first level of possible support today. If that level is broken, the next level of potential support could come in at 312.66.

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.

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