U.S. markets are set to open much lower today on fears the U.S.-China Trade War could be getting worse. There are no signs of a resolution, and technology stocks continue to move lower. Slower than expected business growth out of the eurozone also added to global markets selling off.
The S&P 500 was down on Wednesday and closed at 2856.27, and the index is now just above potential key support at 2854.23. As of 8:45 am futures ore off 26.10 which suggest an open at 2831.30. If the down open is confirmed, the S&P would move through support at 2813 and bring the 2800 level back into play as potential support. We are currently short term cautious until the index moved back above the 2854.00 level.
The FOMC announced that a patient approach to setting monetary policy could remain in place “for some time.” So, markets will continue to adjust to the notion that rates should remain lower for the rest of the year.
We are currently long term bullish with short term cautious.
John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, 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.
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