Morning Commentary
Headline news:
U. S. markets are set to open lower this morning due to global markets selling off overnight. China reported weak retail sales and industrial output numbers, which brought selling into Asian markets. Italy announced they were ready to break European rules to spur employment. European markets were off 0.8% to start the day. Traders in the U.S. will be watching to see if the S&P 500 can stay above essential support levels in today’s trading session.
Markets:
The S&P 500 rallied on Tuesday and moved above the high point of Monday’s trading. The index closed higher after testing crucial support at 2792.81. Markets are set to open lower today which should see the lows of Monday at 2801.43 be tested. We feel the market is trying to form a bottom and tests of old lows are part of that process. RSI did turn higher, which shows there are buyers at these levels to help move markets higher.
Economy:
U.S. retail sales unexpectedly fell in April 0.2% in contrast to the gain of 1.7% in March. Consumer spending grew at a year-over-year rate of 1.2%, which is the slowest in over a year. These numbers once again raise concerns of an economic slowdown later this year.
We are currently long term bullish with short term cautious.
John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, Windsor Wealth
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
We are currently long term bullish with short term cautious.
John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, Windsor Wealth
Windsor Wealth
We are currently long term bullish with short term cautious.
John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, Windsor Wealth
Windsor Wealth