U.S. stock markets are set for a flat opening on Tuesday. Earings continue to come in, and investors will continue to look for data to ease recession concerns. Oil prices hit a six-month high as the U.S. tightened sanctions on Iran. European markets fell along with Japan and other Asian markets.
The S&P 500 moved off the 10-day moving average at 2898.40 and closed inside the trading range at 2907.97. Volume was lackluster on the day and the RSI index remained just under the overbought level. We maintain our short-term bearish stance, and we will be cautious until volume increases along with a move to the high of the year at 2918.00.
U.S. Existing Home Sales came in at 5.210 M compared to the prior month of 5.510 M. Economist and traders will be looking towards Friday’s release of GDP for the first three months of 2019. The report could show that global expansion still has some momentum in spite of negative economic predictions.
We are currently long term bullish and short term bearish.
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
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