The S&P 500 is set to open lower on Friday with futures down 13.9 points as of 7:34 p.m. to start the day. Weak manufacturing data out of Germany helped to raise more fears of a possible slowdown in the global economy. Another survey showed that the Euro zone’s business growth was worse than expected. Also, the ongoing trade deal between the U.S. and China has appeared to stall.
The S&P 500 closed at a new high for the year at 2854.88 on Thursday. The index has room to possibly move higher until resistance hits at 2874.02. Support is no potentially at 2845.15. RSI is now confirming the new high, and the indicator is currently not overbought.
The U.S. leading indicators came in up .02% for February, and that was at the high end of expectations. Today the Purchasing Managers Index, PMI, will be released along with existing home sales. The Fed will be looking at all economic numbers now to confirm their new dovish stance on interest rates.
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. 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.