U.S. stock futures moved lower after the Federal Reserve meeting notes showed a division over future rate cuts. The minutes showed the board was divided over the quarter-point rate cut from and wanting to signal the cut was not a path to future rate cuts. Investors will now be waiting to hear Fed Chairman Powell’s speech on Friday.
The S&P 500 trading in a narrow range on Wednesday and volume was, again, lower than average. The RSI index continued to move sideways, so not much has changed for the index so far this week. Possible resistance will continue to be 2943.41 along with the 50-day moving average at 2946.84.
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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