The U.S. markets had a strong week, with the S&P 500 up more than 2 percent and hitting a four-month high. For now, the markets are more at ease with some of the worries about Brexit and the China trade talks.
We’ve been at these levels three times in the last six months on the S&P 500, but it has failed to breakaway on the upside.
Back in October the S&P 500 recovered for a moment from the September highs, but was met with resistance from the bears. It attempted the break the 2800 level in November and in December, but it could not break past it and moved down 400 points to the late December bottom for 2018.
Today we are 10 points above the 2800 price level with some momentum from a strong week. Looking to economic data for some guidance is met with mixed results. Last week’s job numbers were not great, but the 3-month average remained positive. We believe we are in a goldilocks place, were the economic data is not strong, which could cause the Fed to rethink their dovish tone, but the data is also not very weak, which could lead the markets to a panic and sell off.
Robert Luna, CEO & Chief Investment Strategist at Surevest, will be on Fox Business News, Making Money with Charles Payne today to discuss the latest in the markets. You can tune in at 11:00a PST.