Daily Commentary
Headline News:
U.S. stock markets are set to open flat Monday morning in spite of an encouraging economic report out of China. The Chinese reported that Manufacturing PMI for November increased to 50.2 from 49.3 beating expectations. The report showed a move into economic expansion for the first time since April. Also, online sales over the holiday week came in at record numbers and are expected to continue for Cyber Monday.
Markets:
The S&P 500 pulled back from an all-time high at 3154.26 to close at 3140.98 on Friday. The RSI index moved out of the overbought level to close at 69.34, which is possible a short term sell signal. However, we feel that any selling will be met with buying soon, and potentially move the markets back to new highs. Current potential support is at 3133.83, where we will be looking for buyers to step into the market.
We are currently long-term bullish, and short-term cautious.
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.