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Market Updates

Daily Commentary

May 24th, 2019

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Headline news:

U.S. futures are higher after President Trump said complaints against Huawei could be resolved in a future trade deal. Technology stocks have been selling off due to the conflict with the Chinese company. European markets were lower and Asian indexes closed little changed. Investors will be watching to see if the S&P 500 can stay above the 2800 level.

Markets:

The S&P 500 gapped lower and a closed below support at 2831 on Thursday. The index now has potential support at the critical 2800 level which it came close to testing on the day. The RSI index also moved lower to confirm the down move in the index. Will remain short term cautious until there is a move back above 2854.23. A move below the 2800 level could see more selling come into the markets.

Economy:

New orders for U.S- made capital goods fell more than expected in April, and new home sales came in lower at 673K. This is further evidence that the economy has slowed after a strong first quarter of 2019.

We are currently long term bullish with short term 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.

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, onions 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.

 

 

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