The U.S. markets are set to open higher this morning after President Trump said a trade deal may be announced in four weeks. European markets were mixed, and Asian markets were slightly higher. The U.S. markets will be waiting for the release of the unemployment number for March to be released this morning.
The S&P 500 did not set a new high for the year for the first time in three days on Thursday. We feel this is healthy and could potentially lead to new highs depend on the unemployment number. The index has established a new trading range of 2848.63-2885.25. RSI is not in the overbought range, so the index does room to move higher today.
Today’s release of the Non-Farm payrolls number will be watched closely and could dampen fears of a slowdown this year. Last month’s number was only 20,000 and economist are predicting an increase of 180,000 for March. Also, average hourly earnings are expecting to have increased by 0.3%. If these two data points come in strong, we fell markets could move higher today.
We are currently bullish with short-term caution.
John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
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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