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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 gained on Friday,with the S&P 500 closing at a new record high and posting its longest winning streak since 2014. The index finished the week up 3.1%.
This week data will be released on industrial production, retail sales, housing starts, small business optimism and the Fed’s FOMC meeting announcement.
Job openings were little changed in October with 5.5 million openings, according to the Job Openings and Labor Turnover Survey. Hires were also little changed at 5.1 million.
The trade deficit jumped 18% to $42.6 billion in October, as imports rose to the highest level in over a year. Imports increased 1.3% to $229 billion, marking the highest since August 2015, while exports slipped 1.8%.
The Atlanta Fed’s GDPNow model forecast for fourth quarter growth held steady at 2.6% following the release of wholesale trade data.
Consumer credit balances increased in October, rising at an annual rate of 5.18%, driven by gains in non-revolving credit, primarily auto and student loans.