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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 finished higher on Friday, with the S&P 500 closing at a new record high and ending the week with a 1.4% gain.
This week data will be released on builder confidence, housing starts and the Conference Board’s leading economic indicators.
The economy is expanding at a “slight to moderate” pace according to the Fed’s latest Beige Book, slightly less upbeat than the previous report, as “prices continued to rise modestly” and “labor markets tightened further”.
Job openings fell sharply to 5.66 million in May as hiring surged to the highest since March 2004, with employers hiring 429,000 according to the Job Openings and Labor Turnover Survey.
Small business optimism faded in June, with the NFIB index slipping to 103.6. According to the NFIB, “a continuation of the high levels of optimism in the small business sector will depend heavily on Congressional progress on the major issues for small business owners: healthcare, tax reform and regulatory relief…more substantial progress is needed on these major issues if owner optimism is to be sustained and produce accelerated hiring and spending”.
Among the index components, four rose, five declined and one was unchanged.
The Atlanta Fed’s GDPNow forecast for second quarter growth edged down to 2.4% following the release of retail sales data.