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)-Positive
Money Flow Index-MFI-Positive
More on the Market and the Economy:
The market cheered better-than-expected earnings reports, pushing the S&P 500 and the Nasdaq Composite to finish the week in record territory. The Nasdaq closed at a new record high on Thursday for the first time in 15 years, topping its previous high from March 2000, and extended its gains to close at a record again on Friday. The S&P 500 posted a 1.8% weekly gain.
This week will see the release of data on home prices, pending home sales, construction spending, manufacturing, consumer spending, GDP and the FOMC meeting announcement.
Americans are becoming more confident about their retirement, according to a survey conducted by the Employee Benefit Research Institute. The survey found that 22% of respondents were very confident about their finances after retirement, while 36% were somewhat confident.
Around 2 billion adults worldwide are “unbanked”, according to a new report from the World Bank. “Unbanked” people are frozen out of the financial system – they deal only in cash and have no checks, no deposits, and no loans. Surprisingly, the US is not the most banked: 94% of Americans have a financial account, compared to 100% in Denmark, Finland, New Zealand, Norway and Sweden.
Regulators closed 18 banks in 2014, marking the lowest number of failures since 2007, because of a high level of nonperforming loans, according to the St. Louis Fed’s latest Banking Insights. The failed banks had large loan losses associated with real estate lending along with a “general dissipation of assets” that resulted in insufficient capital accounts.
Source: St. Louis Federal Reserve
Russia earned the world’s lowest approval rating in 2014 for the eighth consecutive year, and scored its highest disapproval rating to date, according to Gallup. US leadership earned the highest approval rating.