“You work hard for your money. We’ll work hard to protect it.”
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)-Negative
Chaikin Money Flow (CMF)-Negative
MACD- Negative
Money Flow Index-MFI-Positive
More on the Market and the Economy:
Stocks ended higher on Friday, recovering declines following the announcement of trade tariffs. The S&P 500 fell 2% for the week.
This week data will be released on the service sector, the trade deficit, the jobs report and the Fed’s Beige Book.
Economic growth in the fourth quarter was trimmed to 2.5% after a previous estimate of 2.6%. The downward revision was the result of a slower inventory build. Consumer spending was unchanged at 3.8%.
Pending home sales dropped 4.7% in January to the lowest level since October 2014. According to the National Association of Realtors, “the economy is in great shape, most local job markets are very strong and incomes are slowly rising, but there’s little doubt last month’s retreat in contract signings occurred because of woefully low supply levels and the sudden increase in mortgage rates”.
The Atlanta Fed’s GDPNow forecast for first quarter growth jumped to 3.5% following the release of manufacturing data.
Consumer spending rose a slight .2% in January while income rose a solid .4% for the second straight month. Inflation rose .4% as expected.
Manufacturing gained in February, as the ISM index rose to its strongest level in 14 years. Measures of new orders, back log orders and employment posted gains.
Comentarios