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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)-Negative
Money Flow Index-MFI-Positive
More on the Market and the Economy:
Stocks ended the holiday-shortened week to the upside, posting modest gains on Friday on the lightest trading volume of the year. The S&P 500 finished the week with a .04% gain.
This week data will be released on pending home sales, construction spending, manufacturing, the service sector, the trade deficit, the Fed’s Beige Book and the jobs report.
The Conference Board’s consumer confidence index slipped in November, declining to 90.4 after falling in October. According to the Conference Board, “consumer confidence retreated in November, following a moderate decrease in October. The decline was mainly due to a less favorable view of the job market. Consumers’ appraisal of current business conditions, on the other hand, was mixed. Fewer consumers said conditions had improved, while the proportion saying conditions had deteriorated also declined. Heading into 2016, consumers are cautious about the labor market and expect little change in business conditions.”
Source: The Conference Board
The Atlanta Fed’s GDPNow model forecast for growth in the fourth quarter slipped to 1.8% following last week’s data on consumer spending.
Even though almost 60% of holiday shoppers started shopping at the beginning of November, an estimated 135.8 million shoppers planned to shop over the Thanksgiving weekend, according to the National Retail Federation. The NRF noted that “the importance of Thanksgiving weekend to both retailers and consumers will never change. However, retailers have already given consumers several good reasons to start their holiday shopping earlier”.
With Thanksgiving over, an infographic on the holiday: