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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-Negative
More on the Market and the Economy:
Stocks dropped on Friday as the market reacted to comments from Boston Fed President Eric Rosengren suggesting that the central bank could move forward with gradual rate hikes. The S&P 500 fell 2.5%, its biggest one-day decline since June.
This week data will be released on small business optimism, industrial production, retail sales, and inflation.
The Fed’s Beige Book reported that businesses are exercising caution about expanding activity “due in part to economic uncertainty surrounding the November elections”.
The Atlanta Fed’s GDPNow model forecast for third quarter growth slipped to 3.3% following the release of non-manufacturing data.
Job openings climbed to 5.9 million in July, according to the Job Openings and Labor Turnover Survey, marking an all-time high, while the number of hires rose to 5.3 million.
The service sector slowed in August, as the ISM non-manufacturing index slipped to 51.4%, marking the slowest pace since 2010. Both new orders and hiring slowed.
Consumer credit rose by $17.7 billion in July, driven by auto and student loans.