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Market Updates

Daily Commentary

October 21st, 2020

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Headline News:

U.S. stock futures are flat this morning as investors continue to hope for new fiscal stimulus for the U.S. economy. White House Chief of Staff Mark Meadows said that Speaker Pelosi and Treasury Secretary Mnuchin have made “good progress” on stimulus talks. Also, earlier Federal Reserve Governor Lael Brainard announced that more stimulus is needed to help a recovery that, so far, has left out larger parts of the economy. Meanwhile, Netflix (NFLX) missed subscriber growth expectations, causing the stock to be down 5.4% in pre-market trading. On the other hand, Snap Inc (SNAP) was higher by 21% after beating user growth and revenue forecasts.

Markets:

The S&P traded higher at 3476.93 early only to sell off later in the day to close at 3443.12. Volume was lower than yesterday, with 2,110,329,344 shares traded, and the RSI moved higher, closing at 53.25. The index appears to be forming a base between 3428-3499, and we feel a few more days of sideways trading would be beneficial. Potential support cold now appear at 3428 and then possibly at the 3399.96 level.

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.

 

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