Wall Street is set for a flat open as investors await comments from the Federal Reserve after today’s FOMC meeting. The Fed has recently tried to calm fears of rising inflation. However, a jump in the retail sales report on Tuesday’s has economist worried the Fed would begin to tighten its loose monetary policy later in the year.
The S&P 500 briefly traded at a new intraday all-time high of 4257.16 but sold off to close lower at 4246.59. The trading once again came on lower volume with only 1,827,635,456 shares traded, and RSI also closed lower at 61.34. We feel today’s FOMC meeting could be the catalyst that brings about a potential new all-time closing high. The index appears ready and willing to break out and start a possible new uptrend.
We are currently long-term bullish and short-term bullish.
John N. Lilly III CPFA
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJFS
Windsor Wealth Planners & Strategist
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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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