U.S stock futures are slightly higher this morning, and global stocks are rising as investors bet on a rate cut next week. New York Fed President John Williams gave a speech that indicated that at least a 25-basis point cut will happen. Traders will also continue to watch and react to earnings announcements.
The S&P 500 rallied to close higher on Thursday on higher volume, and the RSI index turned higher after three days of selling. The uptick in volume is a good sign that buyers may be retaking control, so a follow-through day is needed to confirm the reversal. We would like to see the index stay in the 2963.44-3002.33 trading range a few more days to consolidate, and then attempt to take out the old highs.
We are currently long term bullish and short 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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