U.S. stock futures are higher to start the week on hopes a new fiscal package being passed soon. Speaker Pelosi said she was optimistic a wide-ranging bill could be passed be election day despite difference with President Trump. The Speaker said she is giving the Trump Administration 48 hours to reach a deal. A rise in COVID-19 cases continues to rise with 40 million global cases as of Monday, which is dampening some bullish sentiment.
The S&P 500 moved past resistance at 3499.61 and the current vertical trend line only to sell-off late in the day to close at 3483.81. The volume did pick up with 2,218,465,024 shares traded, and RSI closed flat at 58.64. We feel the late-day selling was potentially profit-taking going into the weekend, and buyers could possibly come back in today.
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.
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