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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)-Negative
Chaikin Money Flow (CMF)-Negative
Money Flow Index-MFI-Negative
More on the Market and the Economy:
Stocks finished lower on Friday, with the S&P 500 capping a 9-day selloff – the first since 1980. The index was down 3.07% over the nine day period.
This week data will be released on consumer credit, small business optimism and the JOLTS report.
At last week’s FOMC meeting, the Fed held rates unchanged while leaving a December hike on the table: “The committee judges that the case for an increase in the federal funds rate has continued to strengthen but decided, for the time being, to wait for some further evidence of continued progress toward its objectives”.
The economy added 161,000 jobs in October, and the unemployment rate slipped to 4.9%. At the same time, the labor force participation rate dipped to 62.8%.
The Atlanta Fed’s GDPNow model forecast for fourth quarter growth jumped to 3.1% following the release of motor vehicle sales data.
The service sector slowed in October, with the ISM non-manufacturing index falling to 54.8% as companies scaled back hiring plans.
The manufacturing sector picked up in October as the ISM manufacturing index rose to 51.9%. A gauge of production increased and a measure of employment moved into positive territory for the first time in four months. At the same time, a gauge of new orders slipped.