U.S. stock futures are higher due to investors’ hope for more stimulus money and a more efficient vaccine rollout under President Biden. Democrats took control of the Senate on Wednesday, and Congressional Republicans expressed a willingness to work on the Biden $1.9 trillion relief package. Investors will also continue to monitor fourth-quarter earnings results and upcoming economic reports coming out this week.
The S&P 500 moved past resistance at 3826.69 and closed at a new all-time high at 3851.85. The day came with less than average volume at 2,389,771,520 and makes the new high suspect for now. A follow-through day with above-average volume would be a good sign a new uptrend is firmly in place. If sellers should come into the market, we feel potential support at 3826.69 will hold and provide a possible buying opportunity.
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
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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.