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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 finished slightly higher on Friday, with the S&P 500 edging up .2% for the week, logging its fifth consecutive weekly gain.
This week data will be released on builder confidence, industrial production, housing starts, existing home sales, the Fed’s Beige Book and the Conference Board’s leading economic indicators.
The latest FOMC meeting minutes showed that the Fed believes that “some patience” is warranted in hiking rates, and as inflation remains sluggish, several officials now believe it will take longer than expected to get back to the 2% target.
Job openings edged down to 6.082 million in August, according to the Job Openings and Labor Turnover Survey. Hires were little changed at 5.4 million.
Small business optimism slipped in September, led by a sharp drop in sales expectations, as the NFIB index fell to 103. According to the NFIB, “the Index remains very high by historical standards. Small business owners still expect policy changes from Washington on health care and taxes, and while they don’t know what those changes will look like, they expect them to be an improvement. But the frothy expectations they’ve had in the previous few months clearly slipped in September”.
The Atlanta Fed’s GDPNow forecast for third quarter growth edged up to 2.7% following the release of retail sales data.