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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 closed lower after a choppy session as the House scrapped the health-care bill, with the S&P 500 ending the week down 1.4% – its worst weekly decline since last November.
This week data will be released on pending home sales, consumer confidence, consumer spending and GDP.
Sales of existing homes slumped 3.7% in February to an annual pace of 5.48 million as the market was held down by tight inventory. According to the National Association of Realtors, “Realtors are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that’s pushing up price growth and pressuring the budgets of prospective buyers. Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market.”
New home sales climbed 6.1% higher in February to an annual rate of 592,000, marking the highest in seven months. The inventory of available new homes tightened to a 5.4 months supply.
Orders for durable goods rose 1.7% in February after advancing 2.3% in January. Excluding transportation equipment, orders rose .4% – the sixth consecutive monthly increase.
The Atlanta Fed’s GDPNow forecast for first quarter growth edged up to 1% following the release of durable goods data.