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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)-Positive
Money Flow Index-MFI-Positive
More on the Market and the Economy:
Stocks closed higher on Friday with major indexes finishing at new record highs. The S&P 500 ended the week up .3%, marking its eighth consecutive weekly gain.
This week data will be released on small business optimism, consumer credit and the Job Openings and Labor Turnover Survey.
At last week’s FOMC meeting, the Fed held interest rates steady while striking an upbeat tone, stating that the economy is picking up at a “solid rate”, remaining on track for a rate hike at the December meeting.
After adding few jobs in September due to Hurricanes Harvey and Irma, the economy added 261,000 jobs in October. The unemployment rate fell to 4.1%, due in part to 765,000 people leaving the labor force.
The trade deficit expanded to $43.5 billion in September, as imports rose and exports reached a three-year high.
Source: Census Bureau
The Atlanta Fed’s GDPNow forecast for fourth quarter growth slipped to 3.3% following the release of jobs data.
Manufacturing was solid in October, with the ISM manufacturing index slipping to 58.7% after reaching a thirteen-year high of 60.8% the month before. Measures of new orders, production and employment edged down.