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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
Money Flow Index-MFI-Positive
More on the Market and the Economy:
Stocks snapped a five-day losing streak on Friday as oil surged, with the S&P 500 gaining 1.95% for the day, trimming its weekly loss to .8%.
This week data will be released on housing starts, industrial production, inflation, the Conference Board’s leading economic indicators and the Fed’s meeting minutes.
During two days of congressional testimony last week, Fed Chair Janet Yellen said that financial conditions have “become less supportive of growth”, however she does not “expect that the FOMC is going to be soon in the situation where it’s necessary to cut rates. Let’s not forget, the labor market is continuing to perform well, to improve. I continue to think many of the factors holding down inflation are transitory. … We want to be careful not to jump to a premature conclusion about what’s in store for the U.S. economy”.
Small business optimism slipped in January, as the NFIB small business optimism index declined to 93.9: “Neither the tumultuous stock market nor the Federal Reserve’s rate hike left much of a mark on small business owners beyond a frown in the Index represented by a further weakening of expectations for business conditions and expected real sales volumes”.
The Atlanta Fed’s GDPNow model is forecasting growth of 2.5% for the first quarter following the wholesale trade report.
According to the National Retail Federation, Americans were expected to spend $19.7 billion for Valentine’s Day: