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Daily Commentary

November 16th, 2020

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Headline News:

U.S. stock futures are higher after Moderna (MRNA) became the second company to report a positive result from its COVID-19 vaccine trial. Moderna (MRNA) announced that its experimental drug was 94.5% effective in preventing COVID-19.  The news raised hopes of a faster turnaround in the U.S. economy. Better than expected factory output data from China also encouraged investors and helped global stocks move higher overnight.

Markets:

The S&P 500 has built a four-day base, and we feel the index is set to break out and possibly challenge the all-time high at 3645.99 soon. The base days’ volume has been low, which is typical during base building and a market taking a break after a massive run-up.  The RSI index is now at 63.57 and has already turned up, also suggesting a future break out. Potential support could now come in at 3549.85, and short-term resistance could be at 3588.11, but we don’t feel this level will last long today before 3644.99 becomes the ultimate potential resistance 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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