Daily Commentary
Headline News:
Wall Street was set to open lower as investors are now awaiting an interest rate decision on Wednesday. The Federal Reserve is expected to lower by 25 basis points and provide support for a slowing economy. Markets will also be monitoring the next round of U.S. – China trade talks that resume on Thursday.
Markets:
The S&P 500 closed higher on Monday at 2997.96 but is now sitting below potential support at 3000.00. The RSI index turned down on the day to close at 59.75 all on lower volume. We feel this is more of the sideways trading action that is needed before an attempt at new highs. Potential support is now at 2989.43 just below where the index will open to start Tuesday.
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
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.