The S&P 500 is now under key resistance at the 200-day moving average.
- The S&P 500 is under a key resistance at 2741.80 which is also the 200-day moving average.
- The possible short-term support is at 2708.54
- The next possible support level is 2678.39.
- We are cautious at this time due to the five day up move came on lower volume. Which makes the two possible support levels important to watch.
- RSI is close to being in the overbought zone which is another reason for our caution.
John N. Lilly III, AAMS
Portfolio Manager, RJFS
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.