Market Update

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Market Direction Is Important –

Updated Chart of the S&P 500 and Secondary Signals

Of our Four secondary indicators under our MTI:

  • Relative Strength Index (RSI)-Negative
  • Chaikin Money Flow (CMF)-Positive
  • MACD- Negative
  • Money Flow Index-MFI-Positive

More on the Market and the Economy:

Geopolitical uncertainty weighed on the market, with the S&P 500 finishing the week down 1.4%, marking its worst week since March. 

Source: dshort.com

This week data will be released on builder confidence, industrial production, housing starts, the Conference Board’s leading economic indicators and the Fed’s FOMC meeting minutes.

Job openings rose to a record 6.16 million in June according to the Job Openings and Labor Turnover Survey.  At the same time, however, hires fell sharply to 5.35 million.

Inflation remained soft in July, with consumer prices edging up .1% as food prices rose .2% while energy costs slipped .1%.

Small business optimism advanced in July as the NFIB index jumped 1.6 points to 105.2; the increase was led by job openings and plans to create jobs.  According to the NFIB, “the number of owners trying to fill positions and create new jobs is very high…the bad news is that small business employers are finding it very hard to hire and keep their workers”. 

Among the index components, seven posted a gain, two declined, and one was unchanged. 

The Atlanta Fed’s GDPNow forecast for third quarter growth edged down to 3.5% following the release of wholesale trade data.