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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 reached new highs on Friday, and the S&P 500 logged a second straight record close, ending the week with a .8% gain.
This week data will be released on small business optimism, retail sales, industrial production, builder confidence, housing starts and the Conference Board’s leading economic indicators.
The trade deficit narrowed 3.2% to $44.3 billion in December, as imports of cell phones, televisions and pharmaceutical drugs slipped. For 2016, the trade gap rose slightly to $502.3 billion, marking a four-year high.
Job openings held steady in December, with 5.5 million available jobs, according to the Job Openings and Labor Turnover survey. Hires edged up to 5.3 million, while quits slid to 3 million.
The Atlanta Fed’s GDPNow model forecast for first quarter growth held steady at 2.7% following the wholesale trade report.
Valentine’s Day spending is projected to slip this year, with Americans spending an average $136.57 for a total $18.2 billion, down from a record $19.7 billion last year, according to the National Retail Federation. Shoppers plan to spend $4.3 billion on jewelry, $2 billion on flowers, $1.7 billion on candy and $1 billion on cards.