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Market Updates

Daily Commentary

September 30th, 2020

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Headline News:

U.S. stock futures are lower after a contentious U.S. presidential debate, which is causing uncertainties for investors. A better than expected ADP monthly private-sector jobs report, 749,000 for September, helped futures pair early morning losses. Disney (DIS) also added to the uncertainties after announcing a layoff of 28,000 employees in its theme park division. Investors appear to be worried that the election on November 3 will be too close to call, causing a challenge by both candidates that could drag on for weeks.

Markets:

The S&P 500 tested resistance at 3355.14 and tested support at 3325.00, eventually closing at3335.47. The volume was low, with 1,942,887,040 shares traded, and the RSI index moved lower, closing at 48.63 in support of the days selling. A close above the 50-day moving average at 3355.14 would be a bullish sign, but a close below potential resistance at 3325.00 would be a bearish sign. So, the market is choppy and uncertain as we head into October, a traditional volatile time for markets.

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

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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.

The national employment report from Automated Data Processing Inc. is computed from ADP records that represent approximately 400,000 U.S. business clients and approximately 23 million U.S. employees working in all private industrial sectors. ADP contracted with Moody’s Analytics to compute a monthly report that would ultimately help to predict monthly nonfarm payrolls from the Bureau of Labor Statistic’s employment situation. The ADP report only covers private (excluding government) payrolls.

 

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