The S&P 500 moved above four key resistance levels.
- On 3/11/2019 the S&P 500 moved up past four key resistance levels. This took the index back into the old trading range of 2751-2813.
- The index will now have potential support at the 200-day moving average at 2751.15.
- The top end of the trading range will now be potential resistance at 2813.49.
- RSI moved off the 50 level which is a good confirmation of a new up move for the index.
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.