Another New High!
The S&P 500 moved to a new high on good volume last week. The S&P traded above the 2400 level and formed a base that continued for four days. It then moved out of this small base on 6/1/2017 and closed at 2432. The RSI indicator, also moved higher which shows there could, possibly, be more upside move this week. The markets will need to move higher on good volume for the new highs to hold. At this time 2403 is the current support if we do see some selling during the trading week.
John N. Lilly III, AAMS
Portfolio Manager, RJ
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.