Wall Street futures were lower in line with global markets, as U.S-China trade tensions drove investors to potential safer assets. The two sides are set to meet this month, but the dispute shows no signs of ending anytime soon.
The S&P 500 continues to stay in the month-long trading range of 2822.12-2943.12. Friday’s trading closed at 2926.46 near the top of the range with RSI supporting the move closing at 51.92. The trading came on lower than average volume due to the three-day weekend, so today’s trading could be very active. We feel the markets will need to take a breather before attempting to breakout above key resistance at 2943.31.
We are currently long term bullish and short term cautious.
John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Dominguez & Jones Wealth Management Group
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