U.S.stock futures are set to open lower after oil prices increased overnight due to Russia and Ukraine’s continued tension. West Texas Intermediate crude futures surged by 5% and above $101 per barrel. That was the highest price per barrel in over seven years. Meanwhile, the benchmark 10-year note yield moved lower to 1.73% as a sign that investors are seeking safer investments.
The S&P 500 traded lower below support at 4341.51 only to rally late in the day to close higher at 4373.94. The trading action was encouraging because buyers once again stepped to support the index. We feel today could be more to the same trading and don’t expect a big move in either direction. Possible resistance will remain at 4462.05, and potential support could come in at 4341.51 and 4287.11.
We are currently Intermediate-term bearish and short-term bearish.
John N. Lilly III CPFA
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJFS
Partner, DJWMG Windsor Wealth Planners & Strategist
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