The S&P 500 is now near major potential resistance.
- The S&P 500 has potential major resistance at the 2603.45 level.
- The index has moved up 9.8% since the 12/26/2018 low of 2346.58.
- RSI has been in a good uptrend on the way up to the middle line of 50.
- We feel the market could pull back to support at 2528.50 which is also the 20-day moving average.
John N. Lilly III, AAMS
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. 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.