Daily Commentary
Headline News:
U.S. futures are higher this morning as investors continue to evaluate second-quarter earnings. Global stocks were lower on growing tensions in the Middle East has boosted crudes oil higher by $1. Also, contradictory commentary from Fed officials has traders concerned about the size of a possible rate cut this week.
Markets:
The S&P 500 failed to stay above the 3,000 level on Friday and closed at 2967.61. The index is now in the middle of a trading range at 2963.44-3002.33. Volume was higher on, and the RSI index turned back down, closing just above the 50 level at 55.81. We see this a standard trading action after achieving a new all-time high on 7/15/2019 at 3017.80. We hope to see the index base for a few more days at these levels and then try to take to print a new high.
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
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.
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.