Daily Commentary
Headline News:
U.S. stock market futures are lower as the two-day policy meeting of the Federal Reserve kicks off this afternoon. The FOMC is expected to cut rates for the first time in a decade, which could be a market mover for all markets. Apple (AAPL), Amgen (AMGN), and Gilead Sciences (GILD) will report second-quarter earnings after the markets close.
Markets:
The S&P 500 trading sideways on Monday on lower volume as investors wait on the FOMC interest rate decision. The index briefly moved below support at 3017.80 but finished the day at 3020.97. So, Tuesday should be another slow day for U.S. markets. Selected earnings announcements could be a market mover, but most traders should be on hold until Wednesday afternoon.
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
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.