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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:
The S&P 500 closed higher on Friday, logging its 39th record high for the year. The index finished the month up 1.9%, and gained 3.9% for the third quarter, marking its eighth consecutive quarterly gain.
This week data will be released on manufacturing, the service sector, construction spending, the trade deficit and the jobs report.
The economy expanded 3.1% in the second quarter, with GDP revised up on higher inventories of farmer crops. Business investment was also revised up.
Consumer spending slowed in August, largely due to fewer car and truck purchases, as auto sales dropped 1.8%. At the same time, inflation was subdued, edging up .1%.
Pending home sales fell 2.6% in August, marking the fifth decline in six months. According to the National Association of Realtors, “demand continues to overwhelm supply in most of the country, and as a result, many would-be buyers from earlier in the year are still in the market for a home, while others have perhaps decided to temporarily postpone their search”. The 2017 forecast for existing home sales was downgraded to 5.44 million in part because of the effects of Hurricanes Harvey and Irma.
New homes sales tumbled 3.4% in August to an annual pace of 560,000, the slowest since December.
The Atlanta Fed’s GDPNow forecast for third quarter growth rose to 2.3% following the release of wholesale inventories data.