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Market Updates

Daily Commentary

August 5th, 2019

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Headline News:

U.S stock futures are down big this morning due to the continued tension between the U.S. and China. European markets were down, and Asian markets had their worst drop in 10 months. Fears of a prolonged trade war have investors worried at the start of a new week. The 10-year treasury yield moved down to 1.78% a three-year low as investors are seeking lower-risk assets.

Markets:

The S&P 500 traded down below the 50-day moving average at 2972.56 and closed on Friday at 2932.05. The index bounced off support at 2912.99 and tried to rally but failed. The RSI index moved decisively below the 50 level, which supports the selling that has occurred. The next level of possible support now becomes 2874.68. As of 8:49 AM this morning the S&P 500 futures point to an open at 2877.10. So, if the support should break, more selling should come into the markets.

We are currently long term bullish and short cautious.

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

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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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