“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)-Positive
Chaikin Money Flow (CMF)-Positive
Money Flow Index-MFI-Positive
More on the Market and the Economy:
Stocks finished slightly lower on Friday, with the S&P 500 closing the week down .4%.
This week data will be released on builder confidence, housing starts, industrial production, and the Conference Board’s Leading Economic Indicators.
Job openings were flat in March at 5.74 million, according to the Job Openings and Labor Turnover Survey. The number of hires slipped to 5.26 million.
Consumer prices picked up in April, rising .2%, driven by a 1.1% increase in energy costs. Food prices rose .2%, marking the fourth straight gain, while shelter costs rose .3%.
Small business optimism dipped .2 points in April, driven by decline in expected business conditions. According to the NFIB, “expected business conditions is the most volatile component of the Index. Small business owners want Congress and the White House to address the high cost of health care, which has been their top concern for more than 30 years. When that effort failed in March, expectations for better business conditions collapsed.”
Among the index components, five posted a gain, three declined and two were unchanged.
The Atlanta Fed’s GDPNow forecast for second quarter growth held at 3.6% following last week’s retail sales data.
The National Retail Federation projected that Mother’s Day spending would reach a record $23.6 billion, with shoppers spending an average $186.39. Consumers planned to spend $5 billion on jewelry, $4.2 billion on dinner or brunch, $2.6 billion on flowers and $2.5 billion on gift cards.