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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:
The S&P 500 finished slightly lower on Friday, logging a .1% loss for the week.
This week data will be released on pending home sales, manufacturing, the service sector, the trade deficit and the jobs report.
The economy picked up steam in the second quarter, with GDP at 2.6%, boosted by a 2.8% rise in consumer spending as Americans spent more on health care, clothes and groceries.
The Fed left interest rates unchanged at last week’s FOMC meeting, and plans to begin winding down its $4.5 trillion balance sheet “relatively soon”.
Existing homes sales fell 1.8% in June to an annual rate of 5.52 million, the second-slowest month of the year. According to the National Association of Realtors, “closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that’s straining their budget. The demand for buying a home is as strong as it has been since before the Great Recession. Listings in the affordable price range continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines”. The inventory of available homes slipped .5% to 1.96 million.
The Atlanta Fed’s GDPNow forecast for second quarter growth rose to 2.8% following the release of durable goods data.
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