U.S. stock futures are higher after the nationwide rollout of the COVID-19 vaccine started over the weekend. Injections of the vaccine are set to start today, and that has travel and leisure stocks rallying to start the day. FedEx (FDX) and United Parcel (UPS) were also higher because they will be delivering the vaccine. Uncertainty over a new stimulus package remains and has some investors cautious about the U.S. economy’s future.
The S&P 500 sold off early on Friday and moved below support at 3645.99, but the index had an impressive rally to close higher at 3663.46. The volume was modest, with 2,305,116.672 shares traded, while the RSI closed lower flat at60.22. We feel the index is now able to move higher today and potentially take out old resistance at 3682.73.
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
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.
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