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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 fell on Friday with the S&P 500 closing the week down .36%. The index finished the year up 19.42%, its best year since 2013, after reaching 62 new record highs during the year.
This week data will be released on manufacturing, construction spending, the trade deficit, the jobs report and the Fed’s FOMC meeting minutes.
Pending home sales inched up a modest .2% in November, and “the housing market is closing the year on a stronger note than earlier this summer, backed by solid job creation and an economy that has kicked into a higher gear”, according to the National Association of Realtors. “However, new buyers coming into the market are finding out quickly that their options are limited and competition is robust”.
After hitting a 17-year high, consumer confidence slipped in December. The decline “was fueled by a somewhat less optimistic outlook for business and job prospects in the coming months. Consumers’ assessment of current conditions, however, improved moderately. Despite the decline in confidence, consumers’ expectations remain at historically strong levels, suggesting economic growth will continue well into 2018”, according to the Conference Board. Americans level of optimism in 2017 was the highest since 2010.
With the new year underway, the Census Bureau estimated the US population would be 326,971,407 on Jan. 1, up .71% from New Years Day 2017. The global population was estimated to be 7,444,443,881, up 1.07%.
Heading into 2018, 8 in 10 Americans predict a year of international discord, according to Gallup. A slight majority expect economic prosperity, while split on whether the nation’s power will increase or decline.