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 gained on thin trading ahead of Thanksgiving, with the S&P 500 posting its 47th record close of the year on Wednesday, while the Dow posted its 30th record close.
Stocks ended the holiday-shortened week just holding onto a sixth straight weekly gain on below average volume – the longest winning streak in a year. Both the S&P 500 and the Dow ended November up 2.5% – the second straight monthly gain, and the 8th gain of 11 months so far this year.
This week data will be released on manufacturing, construction spending, job cuts, factory orders, international trade, the Fed’s Beige Book and the jobs report.
The US continues to shine in a gloomy global economy, as GDP expanded 3.9% in the third quarter, an increase from a previous estimate of 3.5% growth, as consumer spending and business investment were revised up. Consumer spending, which counts for two-thirds of economic activity, grew 2.2%, while business investment gained 7.1%. On the downside, export growth was lowered to 4.9% from a previous 7.8%. Still, third quarter GDP, combined with the 4.6% growth posted in the second quarter, amounted to the best six-month stretch for the economy since 2003.
Source: dshort.com
One month after hitting the highest level in seven years, consumer confidence retreated in November. The Conference Board’s consumer confidence index declined, erasing October’s gain and reaching a five-month low. Americans were less upbeat about the job market and the economy: “Consumers were somewhat less positive about current business conditions and the present state of the job market; moreover, their optimism in the short-term outlook in both areas has waned”, according to the report. On the bright side, “income expectations were virtually unchanged and gas prices remain low, which should help boost holiday sales”.
Holiday shoppers in the US will spend $61 billion online this year, with mobile commerce expected to contribute $7.9 billion to the total, according to comScore.
