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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)-Positive
Money Flow Index-MFI-Positive
More on the Market and the Economy:
Anxiety ahead of this week’s FOMC meeting weighed on the market, and the S&P 500 closed the choppy week up a modest .5%.
This week data will be released on builder confidence, housing starts, existing home sales, the Conference Board’s leading economic indicators and the Fed’s FOMC meeting announcement.
Small business optimism slipped in August, with the NFIB index declining to 94.4, as business owners reported that they are hesitant to expand and expect worsening conditions. According to the NFIB, “Uncertainty seems to be the major enemy of economic progress and the political climate is a major contributor to the high levels of uncertainty that we’ve seen… The political climate used to be background noise in the economy. It was always there, but small business owners focused more on general economic conditions…small business owners now blame the political climate for the declining economic conditions”.
Among the index components, four posted declines, one remained unchanged, and five posted gains.
The Atlanta Fed’s GDPNow model forecast for third quarter growth slipped to 3% following the release of data on retail sales.
Household net worth rose 1.2% in the second quarter, reaching $89.06 trillion on gains in the stock market and home prices.
Consumer prices increased .2% in August on higher rents and a surge in medical costs, which rose by the most in 32 years.