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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
MACD- Positive
Money Flow Index-MFI-Positive
More on the Market and the Economy:
Stocks rose on Friday, with the S&P 500 closing at another record high and finishing the week up .6%, marking its fourth straight weekly gain.
Source: dshort.com
This week data will be released on new home sales, durable goods, pending home sales, GDP and the Fed’s FOMC meeting announcement.
The Conference Board’s leading economic index picked up in June, rising to 123.7. According to the Conference Board, “The U.S. LEI picked up in June, reversing its May decline. Improvements in initial claims for unemployment insurance, building permits, and financial indicators were the primary drivers. While the LEI continues to point to moderating economic growth in the U.S. through the end of 2016, the expansion still appears resilient enough to weather volatility in financial markets and a moderating outlook in labor markets.”
The Atlanta Fed’s GDP Now model forecast for second quarter growth held steady at 2.4% following the release of data on housing starts.
Home builder confidence was steady in July, with the NAHB index slipping to 59. According to the NAHB, “we are still hearing reports from our members of scattered softness in some markets, due largely to regulatory constraints and shortages of lots and labor” while “the economic fundamentals are in place for continued slow, steady growth in the housing market”.
Source: NAHB
Sales of existing homes climbed 1.1% in June to an annual pace of 5.57 million in June, boosted by a bigger share of first-time buyers. Sales increased as “more traditional buyers and fewer investors were able to close on a home despite many competitive areas with unrelenting supply and demand imbalances. Sustained job growth as well as this year’s descent in mortgage rates is undoubtedly driving the appetite for home purchases”, according to the National Association of Realtors.
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