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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 following a better than expected jobs report, with the S&P 500 closing at a new record high. The index ended the week with a .6% gain.
This week data will be released on small business optimism, retail sales, inflation and the Job Openings and Labor Turnover Survey.
At last week’s FOMC meeting, the Fed held rates unchanged while remaining on track for gradual rate hikes, noting that the softening in the economy is temporary: “the committee views the slowing in growth during the first quarter as likely to be transitory. Near-term risks to the economic outlook appear roughly balanced”.
The economy added 211,000 jobs in April while the unemployment rate fell to 4.4% – the lowest since May 2007. So far this year, the US has added an average of 185,000 jobs per month.
The trade deficit narrowed to $43.7 billion in March, as imports and exports both declined.
Source: Census Bureau
The Atlanta Fed’s GDPNow forecast for second quarter growth slipped to 4.2% following the release of vehicle sales data.