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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)-Positive
MACD- Positive
Money Flow Index-MFI-Positive
More on the Market and the Economy:
Stocks ended higher on Friday following a better than expected jobs report. The S&P 500 closed at a record high and finished the week up .35%, its third consecutive weekly advance.
This week data will be released on retail sales, small business optimism, the Job Openings and Labor Turnover survey and the Fed’s FOMC meeting announcement.
The economy added 228,000 jobs in November while the unemployment rate held at 4.1%, as builders added 23,000 jobs and manufacturers added 31,000.
Congress passed a two-week funding extension to avoid a government shutdown last week; lawmakers now have till December 22nd to continue negotiating on spending.
Activity in the service sector slowed in November, with the ISM non-manufacturing index falling to 57.4 as measures of new orders and employment declined.
The trade deficit widened to $48.7 billion in October as exports edged down while imports rose by $3.8 billion. So far this year, the deficit has grown 11.9%.
The Atlanta Fed’s GDPNow forecast for fourth quarter growth slipped to 2.9% as projections for consumer spending growth declined after the release of jobs data.
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