The S&P is trading in an old trading range.
- The S&P 500 moved back down to the old trading range of 2848.03-2796.34.
- The index has also found support at the 20-day moving average at 2827.4.
- RSI is currently at a lower high than the last peak that came in late July.
The RSI lower high is a caution sign for the S&P 500. We may see more sideways trading in the index before it attempts to test the old high of 2872.87 set on 1/26/2018.
John N. Lilly III, AAMS
Portfolio Manager, RJ
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.