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Market Updates

Daily Commentary

January 3rd, 2020

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Headline News:

Wall Street is set to open lower today after a U.S. airstrike killed the top Iranian military commander. The news has escalated the geopolitical tensions in the Middle East and the price of oil. The current price of a barrel of oil is up nearly 4% amid speculation about disruptions in production. Investors, this morning, are moving to risk-free assets such as U.S. Treasuries and gold to protect against further market pullbacks.

Markets:

The S&P 500 closed as another all-time high on Thursday at 3257.85, and RSI is now in the overbought zone at 75.48. Markets can continue higher while overbought, but the short-term risk is now much higher than at the start of the week. The only potential resistance could be the top of a vertical trend line, and our best guess at that price level is 3260. Potential support could come in at the 3212.03 level. The index did breakout to yesterday, and we feel it best to respect the current uptrend for now.

We are currently long-term bullish and short-term bullish.

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John N. Lilly III
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, 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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