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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)-Negative
Chaikin Money Flow (CMF)-Negative
Money Flow Index-MFI-Positive
More on the Market and the Economy:
Stocks finished lower on Thursday, with the S&P 500 ending the holiday-shortened week down 1.13% following a three-day losing streak.
This week data will be released on builder confidence, housing starts, existing home sales, the Conference Board’s leading economic indicators and the Fed’s Beige Book.
Job openings rose 2.1% to 5.74 million in February while hires slipped 2.1% to 5.31 million, according to the JOLTS report.
Small business optimism edged down slightly in March, as the NFIB optimism index slipped to 104.7, still a solid reading. According to the NFIB, “Small business owners remain optimistic about the future of the economy and the direction of consumer confidence. We are encouraged by signs that optimism is translating into economic activity, such as capital investment and job creation”.
Among the index components, three increased, five decreased and two were unchanged. “The increases in capital expenditure plans and actual earnings are signs of a healthier economy, and we expect job creation to pick up in future months”, according to the NFIB.
The Atlanta Fed’s GDPNow forecast for first quarter growth slipped to .5% following the release of retail sales data.
The National Retail Federation projected that Americans would spend a record $18.4 billion for Easter this year, up 6% from last year’s record $17.3 billion, amounting to an average $152 per person. Shoppers were expected to spend $2.9 billion on gifts, $2.6 billion on candy and $788 million on greeting cards.