Markets are set to open higher with S&P 500 futures up 7.30 points to start the day. China announced that its economy grew a 6.4% pace in the first quarter, dampening slowdown expectations of a global slowdown. Earnings continue to come in mixed, but better than expected.
The S&P 500 had another day trading inside a small range of 2900.86-28963.48 with above-average volume. We like the trading action, and we continue to believe the index will potentially test the all-time high of 2926.29 set on 10/5/2018 soon. RSI is, still, not at an overbought level which shows the market has room to move higher.
U.S. Industrial Production came in at -0.1% for March which was on the low end of expectations and lower than the prior report of 0.1%. the Housing Market Index came out in line at 63 and above the prior report of 62. The Redbook report came in 5.0% and above prior which was at 4.8%. The Redbook report is a measure of comparable same stores sales at chain stores, discounters, and departments stores.
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, onions 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.