U.S. markets are set to open lower with S&P 500 futures lower by 10 points to start the day. Investors will be watching for the important monthly jobs report being released this morning. The Labor Department’s data is expected to show an increase in job growth for January.
The S&P 500 traded higher for the fourth day in a row to closed at another all-time high on Thursday at 3345.78. The old resistance of 3333.18 is potential support if any selling should come into the index. The volume was below average, and the RSI did not make a new high closing at 53.45. So, the breakout to a new high is suspect, and we are looking for potential selling to come in soon to consolidate the recent gains.
We are currently long-term bullish and short-term bullish.
John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
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.
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