Daily Commentary
Headline News:
U.S. stock futures are lower today as negotiators from the United States and China are set to meet today. Sentiment about the meeting moved all over the map during the night as reports hit the news wire. Hopes were raised on a post claiming the U.S. was open to a currency pact, but then dashed as China urged the U.S. to stop unreasonable pressure on China. Later the South China Morning Post reported that no progress had been made during lower-level talks earlier in the week. As of 9:00 am, S&P 500 futures were lower by 6.20 points to start the day.
Markets:
The S&P 500 gapped higher at the open on Wednesday and closed higher at 2919.40. However, the move came in lower than average volume, so the buyers have not come back into the markets just yet. The index is now in the middle of a 2891.85-2945.50 range and could move sideways for a few days. The RSI index did turn up but is still under the 50 level where buying typical picks up. We will remain short term cautious until there is a move higher with much better volume.
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.