“You work hard for your money. We’ll work hard to protect it.”
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
MACD- Negative
Money Flow Index-MFI-Positive
More on the Market and the Economy:
After closing at a record high last Monday, stocks finished lower on Friday, and the S&P wrapped up the week down .1%.
Source: dshort.com
This week data will be released on new home sales, existing home sales, durable goods and GDP.
The release of the FOMC meeting minutes showed that officials were divided over whether a rate hike would be needed soon, noting that they will be “open” and “flexible” on the timing of a move.
The Conference Board’s leading economic index increased .4% in July following a .3% rise in June. According to the Conference Board, “The U.S. LEI picked up again in July, suggesting moderate economic growth should continue through the end of 2016. There may even be some moderate upside growth potential if recent improvements in manufacturing and construction are sustained, and average consumer expectations don’t deteriorate further.”
Builder confidence rose in August as the NAHB index increased to 60, with measures of current conditions and sales expectations rising, while buyer traffic declined. According to the NAHB, “Builder confidence remains solid in the aftermath of weak GDP reports that were offset by positive job growth in July. Historically low mortgage rates, increased household formations and a firming labor market will help keep housing on an upward path during the rest of the year”.
The Atlanta Fed’s GDPNow model forecast for growth in the third quarter rose to 3.6% following the release of housing starts data.
Commenti