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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
MACD- Positive
Money Flow Index-MFI-Positive
More on the Market and the Economy:
Stocks rallied on Friday following a better than expected jobs report, with the S&P 500 ending the week with a 3.5% gain.
This week data will be released on small business optimism, retail sales, housing starts, builder confidence and the Job Openings and Labor Turnover survey.
The economy added 313,000 jobs in February, marking the biggest gain in a year and a half, while the unemployment rate held steady at a 17-year low of 4.1%. Construction companies added 61,000 jobs, retailers added 50,000, and manufacturers added 30,000 while 800,000 people entered the labor force.
The Fed’s latest Beige Book reported that the economy expanded at a modest to moderate pace, with consumer spending “mixed”, tourism activity “broadly solid” and “modest growth in home sales and construction”. Inflation was reported as “moderate”.
The trade deficit expanded to $56.6 billion in January, as imports were basically unchanged while exports dipped.
The Atlanta Fed’s GDPNow forecast for first quarter growth slipped to 2.5% following the release of the jobs report.
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