The U.S. futures were higher to start the day as more earnings continue to come out this week. European markets and Asian markets were up overnight. Analyst are expecting a 2.1% decline in earnings this quarter; however, earnings have been higher for most companies.
The S&P 500 is now in an excellent position to possibly make a new high for the year today. A move above 2910.54 could see the index test the all-time high of 2939.86 that was set on 10/5/2018. There was also increased volume on an up move, and RSI is still not overbought. Both also point to a potential new high.
The Industrial Production report will be released today for March. Expectations are for a rise of 0.2% following a 0.1% in February. Traders will be watching this report closely for more signs of the health of the U.S. Economy.
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, onions 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.