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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:
After closing at a record high on Thursday, the S&P 500 finished slightly lower on Friday following disappointing retail sales data, and posted a .5% gain for the week.
This week data will be released on industrial production, builder confidence and the Conference Board’s leading economic indicators.
Small business optimism just barely edged up in July, with the NFIB index rising to 94.6. According to the NFIB, “Small business optimism was pretty much unchanged during the month of July and small businesses continue to be in maintenance mode. Uncertainty is high, expectations for better business conditions are low, and future business investments look weak. Our data indicates that there is little hope for a surge in the small business sector anytime soon”.
Among the index’s components, four posted increases, two remained unchanged and four posted declines.
The Atlanta Fed’s GDPNow model forecast for third quarter growth slipped to 3.5% following the release of retail sales data.
Job openings ticked up to 5.6 million in June, according to the JOLTS report, while 5.13 million people were hired during the month.
After three straight months of gains, retail sales were flat in July, as internet retailers posted a gain for the month while gas stations along with clothing, building material and sporting goods stores posted declines.
An interesting infographic on the cost and overrun of hosting the Olympic Games: