The S&P 500 moved, briefly, above the 2800 level.
- The S&P 500 moved above resistance at 2800 intraday on 2/25/2018, but it closed at 2796.11.
- The next possible support level is now the 10-day moving average at 2765.70.
- The move higher only came with average volume, so the breakout must be following through soon to be a true a new leg higher.
- The RSI is almost overbought which is another sign we could see a pullback to support soon.
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.