S&P 500 futures were mixed after earnings miss by 3M, and upbeat results by Microsoft. Investors continue to watch the earning results to justify the strong move higher to start the year for U.S. markets. The GDP report will also come out on Friday which will also be closely watched.
The S&P 500 marginally down yesterday on lower than average volume. This amounts to a sideways day as investors await earnings results and economic data to be reported. The RSI index is still overbought which could make it hard for the index to test the all-time closing high at 2939.86.
Durable Goods Orders for March came in higher at 2.7% showing that there is still strong demand for U.S. goods. Americans filing for unemployment benefits came in at a lower number of 192k. Both reports help build the case for a continued strong economy.
We are currently long term bullish with short term caution.
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.
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