Daily Commentary
Headline news:
U.S. markets are set to open higher on renewed hopes of a trade deal between the U.S. and China. European and Asian markets were all higher on the announcement of the restart of talks between the two nations. President Trump said talks ” were back on track” after he offered no new tariffs as a concession.
Markets:
The S&P 500 closed higher at 2941.76, which was in the middle of the current trading range of 2910-2954. Volume was higher than average, and the RSI index turned up too on the day. Traders may have been placing bets on a U.S. trade deal with China getting completed over the weekend. The index is now in a position to test the all-time closing high of 2954.13 set on 5/1/2019. A close above the old high should bring in new buyers and possibly move markets higher.
We are currently long term bullish and short bullish.
John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, Windsor Wealth
Windsor Wealth
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.