U.S. stock futures are higher to start the day after President Trump said he would delay proposed tariffs on Chinese imports. The decision which President Trump called a “gesture of goodwill” has investors potentially increase their appetite for risk-on assets. Also, the European Central Bank, ECB, is expected to offer new stimulus measures to help boost growth in the eurozone.
The S&P 500 broke out above resistance on above-average volume to close at 3000.93 on Wednesday. The RSI index confirmed the move by turning higher to close at 61.30. Today’s trading needs to follow through with another day of above-average volume to confirm buyers are in control. Resistance will now potentially be 30015.89 and support will be potential support will now be 29989.43.
We are currently long term bullish and short term 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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