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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)-Negative
Money Flow Index-MFI-Negative
More on the Market and the Economy:
Continued weakness in oil weighed on the market, with the S&P 500 dropping 1.78% on Friday, finishing the week down .3%.
This week data will be released on existing home sales, new home sales, durable goods orders, consumer spending and GDP.
A measure of economic activity gained in November, as the Conference Board’s Leading Economic Index increased .4%, following a .6% gain in October: “The U.S. LEI registered another increase in November, with building permits, the interest rate spread, and stock prices driving the improvement. Although the six-month growth rate of the LEI has moderated, the economic outlook for the final quarter of the year and into the new year remains positive.”
The Atlanta Fed’s GDPNow model held steady with a forecast of 1.9% growth for the fourth quarter following the release of data on housing starts.
The US current account deficit increased 11.7% to $124.1 billion in third quarter, reaching the highest level since 2008.
From the NCDC, a map showing the likelihood of seeing snow for Christmas:
With the holiday fast approaching, an infographic on the cost of lighting Christmas trees: