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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 up on Friday, with the S&P 500 ending at an all-time high and posting a sharp 1.8% increase for the week.
This week data will be released on builder confidence, housing starts, existing home sales, the Conference Board’s leading economic index and the Fed’s FOMC meeting announcement.
Job openings hit another record in July, with the number of available jobs rising to 6.17 million, according to the Job Openings and Labor Turnover Survey. Hires lagged behind, rising to 5.5 million.
Small business optimism edged up in August as business plans to increase capital expenditures rose to the highest level since 2006. According to the NFIB, “consumer demand is very strong, and the regulatory relief has been dramatic. Small business owners still expect progress on tax reform and healthcare, and they will be watching closely…small firms are now making long-term investments in new machines, equipment, facilities, and technology. That’s a real sign of strength, and it will be interesting to see if the August result becomes a trend”.
Consumer prices rose .4% in August, led by higher gas prices and housing costs. At the same time, medical care costs rose at the slowest annual pace since 1965.
Retail sales dipped in August, down .2% and marking the second decline in three months, as Americans spent less on electronics, vehicles and clothing.
The Atlanta Fed’s GDPNow forecast for third quarter growth slipped to 2.2% following the release of retail sales data.