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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:
The market recovered from losses on Thursday amid concerns about the health of Deutsche Bank, and the S&P 500 closed the week with a .17% gain. The index finished the month .1% lower, but logged a 3.33% gain for the third quarter.
This week data will be released on construction spending, manufacturing, the service sector and the jobs report.
Economic growth in the second quarter was revised up to 1.4% on stronger exports and business investment. Consumer spending was a tick lower than previously reported, but still strong at 4.3% – the second fastest quarterly growth since 2006.
The Atlanta Fed’s GDPNow model forecast for third quarter growth declined to 2.4% following the release of consumer spending data.
Pending home sales dropped 2.4% in August to the lowest level in seven months as “an increased number of prospective buyers appear to be either wavering at the steeper home prices pushed up by inventory shortages or disheartened by the competition for the miniscule number of affordable listings”, according to the National Association of Realtors.
As this Friday marks the nation’s fifth annual Manufacturing Day, an infographic about the sector: