The S&P 500 is back in the old trading range.
- The S&P 500 traded at a new all-time high at 2873.73 on 8/21/2018. The index then sold off back into the old trading range. So, the new high should now, potentially, act as resistance going forward.
- The old trading range of 2863.43-2796.34 could be the new range until the index has enough new buyers to move the price past the old high.
- RSI is not overbought at these levels, so the S&P 500 has a good chance of taking the old high out after some consolidation.
- The 20-day moving average should act as support if selling comes into the markets.
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.