U.S. stock futures are higher on upbeat earnings results from Target (TGT) and Lowe’s (LOW) that show strong consumer demand. Investors will also be watching the Federal Reserve’s annual Jackson Hole meeting, and the Group of Seven summit over the weekend. Any hint of stimulus could possibly be a market mover the rest of this week.
The S&P 500 moved lower on Tuesday ending a three-day rally after testing support at 2822.12. The RSI index also turned down, and volume was below average. So, we feel this was the index taking a breather before attempting to move above potential resistance at 2943.4.
We are currently long term bullish and short term 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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