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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:
Awaiting Hurricane Irma’s arrival, stocks closed lower on Friday, with the S&P 500 finishing the holiday-shortened week down .6%.
This week data will be released on small business optimism, inflation, industrial production, retail sales, and the Job Openings and Labor Turnover Survey.
The Fed’s latest Beige Book noted that the economy continued to expand at a “modest to moderate” pace, while there were concerns about a slowdown in the auto industry as several districts reported that auto sales were down with inventories rising.
Last Wednesday lawmakers agreed to extend the debt limit and government funding to December 15th.
After slowing in July, the service sector picked up in August as the ISM non-manufacturing index increased to 55.3, with measures of business activity, new orders and employment rising.
The trade deficit widened slightly to $43.7 billion in July, as exports shrank .3% with declines in shipments of cars and household goods.
Source: Census Bureau
The Atlanta Fed’s GDPNow forecast for third quarter growth edged up to 3% following the release of wholesale trade data.