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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
Money Flow Index-MFI-Positive
More on the Market and the Economy:
Stocks closed lower on Friday however the S&P 500 ended the week up 1.5%.
This week data will be released on the service sector, consumer credit, the trade deficit and the jobs report.
The economy grew at a faster pace in the third quarter than previously estimated, as GDP was raised to 3.3% on stronger business investment. Business spending on equipment rose 10.4%, while consumer spending was little changed at 2.3%.
New home sales jumped 9% in October to an annual rate of 685,000, marking the highest level in a decade. At the current sales pace, it would take 4.9 months to exhaust the available inventory of homes.
After slipping for three months, pending home sales rebounded in October, rising 3.5%. According to the National Association of Realtors, “last month’s solid increase in contract signings were still not enough to keep activity from declining on an annual basis for the sixth time in seven months. Home shoppers had better luck finding a home to buy in October, but slim pickings and consistently fast price gains continue to frustrate and prevent too many would-be buyers from reaching the market”.
The Fed’s latest Beige Book suggested “a slight improvement in the outlook” as the economy continues to expand at “a modest to moderate pace. The central bank also said that inflation pressures “have strengthened”.
The Atlanta Fed’s GDPNow forecast for fourth quarter growth rose to 3.5% following the release of manufacturing and construction spending data.
Manufacturing slowed slightly in November, though the ISM manufacturing index was still strong at 58.2%. Measures of production and new orders posted gains.
As the holiday season is underway, an infographic from Statista on spending plans for holiday décor: