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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 posted moderate gains on Friday, and the S&P 500 closed with a .1% weekly loss.
This week data will be released on housing starts, industrial production, builder confidence, inflation and the Fed’s Beige Book.
There were 5.5 million job openings in November, while the number of hires rose to 5.2 million, according to the Job Openings and Labor Turnover survey. The number of people that quit their job rose to 3.1 million – the second-highest level since before the recession.
Speaking on Thursday, Fed Chair Janet Yellen said that in the short-term, the US is not facing any serious obstacles, as “unemployment has now reached a low level, the labor market is generally strong and wage growth is beginning to pick up. Inflation has moved up from a very low level, and it’s a little bit under our 2 percent objective, but it’s pretty close”.
The Atlanta Fed’s GDPNow model forecast for fourth quarter growth slipped to 2.8% following the release of retail sales data.
Small business optimism surged to a 12-year high in December, as the NFIB optimism index jumped to 105.8, the highest since 2004, driven by a brighter outlook following the election. According to the NFIB, “business owners who expect better business conditions accounted for 48 percent of the overall increase. The December results confirm the sharp increase that we reported immediately after the election.”
Among the index components, two slipped, one was unchanged and seven increased.