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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-Negative
More on the Market and the Economy:
Stocks finished higher on Friday, with the S&P 500 logging its sixth straight advance and ending the week with a 4.3% gain, marking its best week since 2013.
This week data will be released on existing home sales, the Conference Board’s leading economic indicators and the Fed’s FOMC meeting minutes.
Builder confidence remained strong in February, as a measure of sales expectations rose while buyer traffic held steady. A gauge of current sales conditions slipped. According to the NAHB, “with ongoing job creation, increasing owner-occupied household formation, and a tight supply of existing home inventory, the single-family housing sector should continue to strengthen at a gradual but consistent pace”.
Small business optimism jumped in January, as a record number of business owners say that now is a good time to expand. According to the NFIB, “small business owners are not only reporting better profits, but they’re also ready to grow and expand. The record level of enthusiasm for expansion follows a year of record-breaking optimism among small businesses”.
Housing starts climbed almost 10% in January to an annual rate of 1.33 million, marking the second-highest level since the recession. Permits for future building rose 7.4% to a rate of 1.4 million, a 10 ½ year high.
Retail sales slumped at the start of the year, falling .3% in January to mark the biggest decline in almost a year, with the decline led by auto dealers and home centers.
The Atlanta Fed’s GDPNow forecast for first quarter growth held steady at 3.2% following the release of housing starts data.