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Market Updates

Daily Commentary

January 29th, 2020

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Headline News:

Wall Street is set to open higher today after strong earnings results from bellwether companies. Apple (AAPL) was higher by 1.9% after strong holiday sales, Boeing (BA)  was 1.7% higher, and General Electric (GE) was 6.5% higher after reporting a quarterly profit. Facebook (FB) is set to report earnings after the market close today.  Investors will also be on alert after China’s President Xi Jinping said containing the coronavirus remains a grim task.

Markets:

The S&P 500 rallied on Tuesday and moved above an important resistance level at 3260.86 to close at 3276.24. However, the buying came in at only slightly above-average volume. The RSI index did move back above the 50 level, which is supportive of the rally and could show more potential buying this week. Possible Resistance is now, again, at the 3302.82 level.

We are currently long-term bullish and short-term bullish.

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John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, DJWMG
Dominguez & Jones Wealth Management Group

 

 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. “There is no guarantee that these statements, opinions or forecast provided herein will prove to be correct. “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. International investing involves special risks, including currency fluctuations, different financial accounting standards, and possible political and economic volatility. Investing in emerging markets can be riskier than investing in well-established foreign markets.

 This is not a recommendation to purchase or sell the stocks of the companies mentioned

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