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Market Updates

Daily Commentary

October 20th, 2020

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Headline News:

U.S. stock futures are higher to start the day ahead of a deadline for a new stimulus deal being passed and hopes of a coronavirus vaccine. Speaker Pelosi announced she “continues to narrow their differences” with Treasury Secretary Mnuchin on another fiscal deal being passed. Also, Moderna (MRNA) CEO said the company’s coronavirus vaccine could be available for emergency use by December. The availability will be contingent on positive results from its interim trial in November. Meanwhile, Proctor & Gamble (PG) shares rose 2% in early trading after announcing sales growth of 9% for the previous quarter.

Markets:

The S&P 500 sold off down to potential support at 3428, attempted to rally, but ended the day closing at 3426.92. The selling came with less volume with 2,183,681,536 shares traded, and RSI closed lower at 51.51. The low volume is a good sign; the selling was not panic selling, and RSI remains above the 50 level, which is still potentially bullish for the index.  Possible support could now come in at the 50-day moving average at 3400.87 and also at 3399.96.

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

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