U.S. stock markets are set to open slightly lower to start the week after flat trading in global markets overnight. Investors were upbeat lat week after the U.S. jobs data was released on Friday showed a strong U.S. economy. The December 15th tariff deadline will now be a focus after the White House said there are no plans, currently, to delay the deadline. The Federal Reserve will meet on Wednesday and is expected to announce no change in interest rates.
The S&P 500 closed at 3145.91 and is now under the all-time high at 3154.26. The RSI index has turned higher in support of the move off the December low of 3070.33 set on 12/3/2019. Volume continues to be an issue, and we feel some sideways action is needed before a move to new highs can take place. The current trading range of 3104.60-3154.26 could stay in place for a few more days.
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.