U.S stock futures were lower to start the day as investors are reacting to mixed quarterly earnings results from blue-chip companies. After the close today, Alphabet (GOOGL), Amazon (AMZN), Intel, (INTC), and Starbucks (SBUX) will report earnings. These are earrings could be market movers in either direction, and investors will possibly be cautious today ahead of the announcements.
The S&P 500 broke through the old all-time high set on 7/15/2019 of 3017.80 and closed on Wednesday at 3019.59. The new high did not come with convincing volume, but the move should be considered a possible start to a new move higher. We are now short term bullish and will be looking for a follow-through up day on better than average volume to confirm a possible new uptrend.
We are currently long term bullish and short bullish.
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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