U.S. stock futures were higher to start the week lead by advances in some of the big-cap technology companies. Markets are looking past President Trumps threat to delist Chinese companies from U.S. stock markets. China and the United States are set to continue to talks on trade next week, and there is some hope the trade tension can be resolved with no more escalations.
The S&P 500 had a volatile day on Friday where it moved below the support of 2957.01 and the 50-day moving average at 2948.82. However, the index did rally and touched resistance at 2989.43 only to close at 2961.79 for the week. Markets have been resilient despite many adverse news events. We feel this is another good sign that there could be a move higher to the old highs soon.
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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