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:
Stocks edged higher on Friday, paring weekly losses for the Dow and the S&P 500. Already struggling through a choppy week, the market took a turn for the worse before recovering on Thursday after St. Louis Fed President James Bullard speculated that the Fed could hike rates by the end of the first quarter in 2015.
With Friday’s mild move to the upside, the S&P 500 trimmed its weekly loss to .1%, and is up 1.9% for the month. The benchmark index has advanced 4.7% for the quarter (6.09% for the year), and is poised to post its sixth straight quarterly gain (and the longest winning streak since 1998).
But those gains come on declining volume. June is on track to be the third-slowest month in six years, with about 5.6 billion shares changing hands daily. And the S&P 500 hasn’t posted a gain or loss exceeding 1% for 49 straight days – the longest stretch since 1995.