The S&P 500 moved out of a trading range.
- The S&P 500 moved out of the 2636-2675 trading range on 1/30/2019.
- The index now has resistance at 2708 and support becomes 2675.47.
- The up move on 1/30/2019 came with good volume.
- RSI is not moving higher which supports the up move.
We feel the S&P could potential begin another up leg in the coming weeks.
John N. Lilly III, AAMS
Portfolio Manager, RJFS
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.