“You work hard for your money. We’ll work hard to protect it.”
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-Positive
More on the Market and the Economy:
Stocks finished to the downside on Friday, with the S&P 500 logging a modest loss for the day, and falling 1.36% for the week.
This week data will be released on pending home sales, consumer spending, manufacturing, construction spending and the jobs report.
In a speech on Thursday, Fed Chair Janet Yellen said that she expects a rate hike this year, saying that “most FOMC participants, including myself, currently anticipate…an initial increase in the federal funds rate later this year, followed by a gradual pace of tightening thereafter.” She was upbeat about the outlook for the economy: “Prospects for the U.S. economy generally appear solid. Monthly payroll gains have averaged close to 210,000 since the start of the year and the overall economy has been expanding modestly faster than its productive potential. My colleagues and I, based on our most recent forecasts, anticipate that this pattern will continue and that labor market conditions will improve further as we head into 2016”.
Speaking last Monday, Atlanta Fed President Dennis Lockhart said that he is confident the Fed will raise rates this year: “I am confident the much-used phrase ‘later this year’ is still operative.” He also said that policy makers considered the impact market volatility would have on the economy: “About a month ago, uncertainties loomed larger, market volatility rose, and, from a policy maker’s perspective, risks to the domestic economy ratcheted up a little. It’s too early to know whether this episode amounts to a bona fide shock to the economy or just a nervous spasm in the markets.”
The world population reached 7.3 billion this year, according to the United Nations. The UN forecasts that the global population will exceed 9.7 billion in 2050, and 11.2 billion in 2100.
In July a new record was set for vehicle miles driven – 283.7 billion miles were driven, the most ever in July, according to the Department of Transportation. Mileage driven has increased for 17 consecutive months.
An infographic on diversity from the Census Bureau as we mark National Diversity Day on Friday: