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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-Positive
More on the Market and the Economy:
Stocks slumped for the fourth straight day on Friday, leaving the S&P 500 to post a 2.2% weekly loss – its worst week since March. Treasury yields finished lower for the second week in a row, marking the biggest two-week decline in four months.
This week data will be released on durable goods, pending home sales, consumer confidence, GDP and the Fed’s FOMC meeting announcement.
In a statement on Friday, the Federal Reserve acknowledged that it inadvertently released confidential staff projections on its website: “On June 29, an updated package of code was posted that inadvertently included three files containing staff economic forecasts that are confidential FOMC information. The projections that were inadvertently released are staff projections that do not incorporate policymakers’ views, including their views on monetary policy”. The glimpse inside the Fed showed that staff told policymakers that they expect the fed funds rate to reach .35% by the end of they year, followed by a gradual increase to 1.26% by the end of 2016 and 2.12% by the end of 2017.
According to the Kansas City Fed’s latest Economic and Monetary Policy Developments, growth in the second quarter is tracking at about 2%. Labor market improvements have continued, and solid fundamentals are supporting consumer spending.
The National Retail Federation lowered its retail sales forecast for 2015 to 3.5% growth, down from a previous estimate of 4.1%, due to slow growth recorded in the first half of the year. “For years consumer spending has been hampered by lackluster growth in our economy. Much of that blame can be shifted to Washington where too much time has been spent crafting rules and regulations that almost guarantee negative consequences for consumers and American businesses alike. Despite all these hurdles, we are optimistic that consumer spending during the second half of the year will benefit from recent improvements in the housing and labor markets along with lower energy costs, and believe consumer confidence will grow enough to bolster retail purchases for the year”, according to the NRF.
Source: National Retail Federation
To mark the 25th anniversary of the Americans with Disabilities Act, which was signed into law on July 26, 1990, the Census Bureau released a demographic snapshot of the US population with disabilities.
There is a digital divide in the US, as high-speed internet is still out of reach for many, according to the White House:
Source: White House