Basing at the New Highs
The S&P 500 is, again, in a narrow trading range after two days of high volatility. We feel this is another pause before a move up to new highs. If the S&P can stay above 2413, then the chances of a breakout to a new high are good. If it moves below 2413, the next support level is 2405. A move above 2440 will be a new closing high, and a move above 2446.20 will be a new all-time high.
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.