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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)-Positive
Chaikin Money Flow (CMF)-Positive
Money Flow Index-MFI-Positive
More on the Market and the Economy:
Stocks rose on Friday, with the S&P 500 closing at a new record high and finishing the week up 1.6%.
This week data will be released on builder confidence, industrial production, housing starts and the Fed’s Beige Book.
The number of job openings slipped to 5.88 million in November, marking a six-month low, though the decline was the result of more hiring. Hires rose to 5.5 million, driven by hiring in retail.
Small business optimism dipped slightly in December after reaching a near-record in November, with the NFIB index ending 2017 as its strongest year on record. According to the NFIB, “2017 was the most remarkable year in the 45-year history of the NFIB Optimism Index. With a massive tax cut this year, accompanied by significant regulatory relief, we expect very strong growth, millions more jobs, and higher pay for Americans…The 2016 election was like a dam breaking. Small business owners were waiting for better policies from Washington, suddenly they got them, and the engine of the economy roared back to life”.
Retail sales during the holiday season rose 5.5% to $691.9 billion, exceeding the National Retail Federation forecast and marking “the strongest gain since the Great Recession”.
The Atlanta Fed’s GDPNow forecast for fourth quarter growth rose to 3.3% following the release of retail sales data.