U.S stock markets are set to move lower today on renewed concerns of an escalating conflict with Iran. There are also new concerns of the U.S.- China trade war ahead of a crucial meeting between the two nations leaders.
The S&P 500 sold off on Monday and failed to move above resistance at 2954.13. The index is now in a small trading range where 2931.50 is currently possible resistance. We feel this is standard trading action after a move up to the all-time high, and we expect more sideways trading this week. The RSI index is still showing strength, but it has turned down over the last two trading days.
We are currently long term bullish and short cautious.
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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