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Daily Commentary

November 17th, 2020

Headline News:

U.S. stock futures are lower a day after the S&P 500 closed at an all-time closing high of 3626.91. The surge in new coronavirus cases continues to be a major concern as the nation heads into the tough winter months. The U.S has recorded more than 11 million coronavirus cases and 1 million new cases in under a week. Meanwhile, October’s retail sales came in weaker than expected at 0.3% vs. the 0.5% expectation. Home Depot (HD) was lower by 2%, and Walmart (WMT) was higher by 1% in pre-market trading.

Markets:

The S&P 500 moved past resistance at 3588.11 and closed higher at an all-time closing high of 3626.91. The volume was substantially high with 2,853,792,000 shares traded, and RSI closed higher at 66.46 in support of the up move. The index is now in a position to, potentially, test the all-time high at 3645.99. Possible support could now come in at old resistance at 3588.11. Our belief is the first attempt at the all-time high will potentially fail, then the index will form another small base, and then possibly break to a new high.

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
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.

 

Retail sales measure the total receipts at stores that sell merchandise and related services to final consumers. Sales are by retail and food services stores. Data are collected from the Monthly Retail Trade Survey conducted by the U.S. Bureau of the Census. Essentially, retail sales cover the durables and nondurables portions of consumer spending. Consumer spending typically accounts for about two-thirds of GDP and is therefore a key element in economic growth. Of special attention is the control group; this is an input into the consumer spending component of GDP and excludes food services, autos, gasoline and building materials.

 

 

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