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 ended their winning streak, with the Dow and the S&P 500 posting their first weekly loss in four, after retreating for three straight days in the middle of the week from fairly overbought levels. While the benchmarks edged up on Friday in spite of concerns about violence in Iraq, the Dow fell .9% for the week, while the S&P 500 lost .7%.
Oil has struggled to reach above $105 so far this year. That struggle came to an end last week, as mounting unrest in Iraq pushed oil prices to their highest level of the year. Iraq currently produces 3.3 million barrels per day, and is OPEC’s second-largest producer after Saudi Arabia. While investors are watching for interruptions in supply, a report out of the International Energy Agency noted that “Concerning as these latest events in Iraq may be, they might not for now, if the conflict does not spread further, put additional Iraqi oil supplies immediately at risk”.