U.S. stock futures are lower today as investors contend with a mixed bag of headline news. The Senate passed a bill supporting pro-democracy in Hong Kong, which could delay any new trade deal being signed by President Trump. However, good earnings reports and guidance from Target (TGT) and Lowe’s (LOW) showed retailers are still healthy.
The S&P 500 briefly traded at a new all-time high of 3127.54 only to selloff back down to close at 3120.18. The selling came with better volume than the last two up days and could show that the buyers are losing momentum short term. The index is still in the RSI overbought territory at 73.42, so we will continue to be cautious while the trading stays within the 3102.61-3124.17 trading range.
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.
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.