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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)-Negative
Money Flow Index-MFI-Positive
More on the Market and the Economy:
The S&P 500 finished slightly lower on Friday while ending the week up 1.5% and ending the month with a .9% gain.
This week data will be released on consumer spending, construction spending, the service sector, the trade deficit, the jobs report and the Fed’s FOMC meeting announcement.
With a matter of hours to spare, Congress approved a short-term funding bill on Friday to avoid a partial government shutdown over the weekend.
The economy expanded in the first quarter at the slowest pace in three years, with GDP increasing .7% as consumer spending rose a slight .3% – the smallest gain since 2009. The pullback in consumer spending came as Americans spent less on home heating and gas during the second warmest February on record.
Pending home sales slipped .8% in March as inventory continued to tighten. According to the National Association of Realtors, “home shoppers are coming out in droves this spring and competing with each other for the meager amount of listings in the affordable price range” and “the intense competition for the few homes for sale is forcing many buyers to be aggressive in their offers”.
The Atlanta Fed’s GDPNow forecast for first quarter growth fell to .2% following last week’s durable manufacturing data.
New homes sales jumped 5.8% in March to an annual rate of 621,000 as the spring selling season is underway, marking the fastest pace in eight months.
From the Census Bureau as last week marked National Volunteer Week: according to the Corporation for National and Community Service, 1 in 4 Americans volunteered through an organization in 2015. In total, 62.6 million Americans volunteered nearly 7.8 billion hours worth an estimated $184 billion.