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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
MACD- Negative
Money Flow Index-MFI-Positive
More on the Market and the Economy:
Stocks closed higher on Friday following a solid jobs report, though the S&P 500 ended the week down .4%, snapping its six-week winning streak.
This week data will be released on small business optimism, home builder confidence, retail sales, the Conference Board’s leading economic indicators, and the Fed’s FOMC meeting announcement.
The economy added 235,000 jobs in President Trump’s first full month in office, while the unemployment rate slipped to 4.7%. Wages gained 2.8% on an annual basis.
The trade deficit jumped to a five-year high in January, rising 9.6% to $48.5 billion as both imports and exports reached a three-year high.
Source: Census Bureau
The Atlanta Fed’s GDPNow model forecast for first quarter growth edged down to 1.2% following last week’s wholesale trade report.
