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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)-Negative
Money Flow Index-MFI-Positive
More on the Market and the Economy:
Stocks ended modestly higher on Friday, while the S&P 500 finished the week down 1.2% as concerns about global trade weighed on the market.
This week data will be released existing home sales, new home sales, the Conference Board’s leading economic indicators and the Fed’s FOMC meeting announcement.
Small business optimism climbed in February, as the NFIB index rose to the second-highest level in its history. According to the NFIB, “the historically high readings indicate that policy changes – lower taxes and fewer regulations – are transformative for small businesses. After years of standing on the sidelines and not benefiting from the so-called recovery, Main Street is on fire again”.
Inflation edged up .2% in February, after a shaper .5% increase for the first month of 2018, as clothing and housing costs rose.
Job openings soared to a record 6.3 million in January, while 5.6 million were hired during the month.
Builder confidence edged down for the third month in a row, with the NAHB index slipping as “builders are reporting challenges in finding buildable lots, which could limit their ability to meet this demand”. Still, confidence is solid as “optimism continues to be fueled by growing consumer demand for housing and confidence in the market. A strong labor market, rising incomes and a growing economy are boosting demand for homeownership even as interest rates rise”.
The Atlanta Fed’s GDPNow forecast for first quarter growth slipped to 1.8% following the release of industrial production data.