U.S. stock markets are set to start the week higher on hopes for resolving the U.S.-China trade war by November. Third-quarter earnings season is well underway, and markets could react to earing reports as they come out the rest of the week. This week big technology companies will be announcing earnings, including Microsoft (MSFT) and Intel (INTC).
The S&P 500 closed lower on Friday and is now in the middle of the 2963.07-3003.28 trading range. The index had been reacting to ongoing earings reports, and we feel that trading inside the range could take place until the Q3 earnings season is over. The RSI index is still positive at the 54.93 level, which supports a possible bullish bias to start the week.
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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