U.S. stock futures are lower this morning as uncertainty about a possible trade deal between the U.S. and China. However, Facebook (FB) and Apple (AAPL) both report strong earnings, which could possibly bring in investors to move markets higher. Consumer spending rose in September, but wages remained flat, which shows the consumer might strong to continue to support the U.S. economy.
The S&P 500 moved higher on Wednesday and closed at 3050.10 with better volume than on Tuesday. The index is now in a trading range of 3025.96-3050.10 and continues the sideways trading we were looking for this week. We feel the next possible move will be another move to a new all-time high in the coming days. Any move above potential resistance at the 3055 level could bring in new buyers of stocks.
We are currently long term bullish and short term bullish.
John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJPartner, DJWMG
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.
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, opinions 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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