Daily Commentary
Headline News:
U.S. stock futures are up slightly this morning after positive comments from China on the U.S trade talks in October. Beijing said it was in close communication with the United States and was prepared to make progress at the next meeting. Domestically the number of Americans filing for unemployment rose slightly in August to 213,000. Despite trade war, layoffs remain low pointing to sustained labor market strength.
Markets:
The S&P 500 moved back into the old trading range of 2975.06-3020.74 after closing on Wednesday at 2984.87. However, the trading was on less than average volume, so the index needs a follow-through day with higher volume soon. The RSI index also turned higher and closed at 54.48 to support the up move. We still feel the market can potentially test the old high of 3020.74 in the next weeks.
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.
New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time. An increasing (decreasing) trend suggests a deteriorating (improving) labor market. The four-week moving average of new claims smooths out weekly volatility.