U.S. stock futures are mixed, and the 10-year Treasury is lower to start a new week. Investors will be watching interest rates closely after Fed Reserve officials stated the recent rise had not caused a policy change. The central bank will hold meetings on Tuesday and Wednesday, and Chairman Powell is expected to strike a dovish tone for future policy.
The S&P 500 closed at 3943.34, just under potential resistance at 3950.43. The index appears to be starting a base that we feel could lead to another new all-time high. Volume was again lower, with only 2,263,134,720 shares traded on Friday. Potential support could now come in at 3928.65 and then 3914.50. We believe those levels could hold, forming a new base and a pause in the recent rally.
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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