Daily Commentary
Headline News:
U.S. stock futures were down to start the day but turned quickly after the release of the monthly jobs report. Nonfarm payrolls increased by 136,000 jobs in September, and the unemployment rate dropped to a near 50-year low of 3.5%. However, monthly wage growth was unchanged, and manufacturing payrolls declined for the first time in six months.
Markets:
The S&P 500 moved below support at 2874.93, touched the 2855.94, and then rallied back to close higher at 2910. The RSI index also turned higher, so markets have potentially found a short-term bottom. The index will need a follow-through day soon with better than average volume before we move our market stance back to short bullish. Potential support will now be at the 10/2/2019 high of 2974.78.
We are currently long term bullish and short term bearish.
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.