Wall Street is set to open higher on Tuesday after Washington confirmed that trade talks would resume this week. Treasury Secretary Steven Mnuchin said he would meet with the Chinese in early October, and they hope to have a truce in the global trade war. Investors will also be watching several key economic reports coming out this week, and one of which will be a vital inflation gauge for the health of the U.S. economy.
The S&P 500 is in a trading range of 2975.06-3020.74 after a 6.86% move off the 8/5/2019 low. We feel the markets are potentially setting up to start another new leg higher, and the current base is an encouraging development. The RSI index is above the 50 level, which is providing support for the potential up move.
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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