U.S. stock futures are higher to start the week as trade sentiment remains upbeat after a good week of corporate earnings. Hopes of a trade deal between the U.S. and China as wells as another possible rate cut by the Federal Reserve is also lifting investors sentiment.
The S&P 500 moved above the September high of 3021.99 and closed on Friday at 3021.99. The move was encouraging, but it did come on less than average volume. The RSI index closed at 60.57 once again, supporting the move to a new high for the month. The index is now just under the all-time high of 3027.98 set on 7/26/2019, and we now would like to see some sideways trading days before attempting to me to a breakout to a new all-time high level.
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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