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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:
The S&P 500 edged down on Friday, finishing the week with a .3% loss.
This week data will be released on small business optimism, retail sales, inflation, builder confidence, housing starts and the Fed’s FOMC meeting announcement.
The number of job openings rose to a record high in April, rising to 6.04 million, led by openings at hotels and restaurants. At the same time, hires slipped to 5.05 million, marking a one-year low.
The Atlanta Fed’s GDPNow forecast for second quarter growth dipped to 3% following the release of wholesale trade data.
The service sector expanded in April, as the ISM non-manufacturing index rose to 56.9. A measure of new orders dipped while a measure of employment rose.
Graduation spending was projected to hit a record high this year, rising to $5.6 billion, according to the National Retail Federation. Cash will be the most popular gift, followed by greeting cards and gift cards.
Source: National Retail Federation