U.S. stock markets are set to open unchanged after China reported weak industrial production numbers, retail sales, and fixed assets investments. Federal Reserve Chairman Powell will testify before the House Budget Committee, and Wall Street will hope he continues to feel a “sustained expansion” ahead for the U.S. Economy.
The S&P 500 remained in an eight-day trading range of 3050.72-3097.77 and closed Wednesday at 3094.04. Volume continues to be lower than average, and the RSI index is still just under the overbought level of 70. We continue to believe the next move could possibly be higher out of the trading range to a new all-time high.
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.
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.