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:
After a selloff on Thursday sparked by Israel’s invasion of Gaza and the Malaysia Airlines jet crash in Ukraine, stocks rebounded on Friday as investors focused on earnings over geopolitical tensions. With Friday’s gains, the S&P 500 largely recovered from its biggest loss in three months, and ended the week up .54%.
Ten-year Treasuries led the rally to safe haven assets on Thursday, with yields tumbling to 2.45% before climbing to 2.48% on Friday. Gold benefited from the move to safety, rising 1.3% on Thursday – its biggest advance in four weeks.
The Conference Board’s Index of Leading Economic Indicators rose .3% in June, following a .7% increase in May. According to the report: “Broad-based increases in the LEI over the last six months signal an economy that is expanding in the near term and may even somewhat accelerate in the second half”.