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Market Update

“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:

  1. Relative Strength Index (RSI)-Positive

  2. Chaikin Money Flow (CMF)-Positive

  3. MACD- Positive

  4. Money Flow Index-MFI-Positive

More on the Market and the Economy:

Stocks pared losses on Friday following an unimpressive jobs report, and the S&P 500 ended the day with a modest loss, finishing the week flat.

Source: dshort.com

This week data will be released on consumer credit, consumer sentiment and the Job Openings and Labor Turnover Survey.

The economy added just 38,000 jobs in May – the slowest since the fall of 2010. At the same time the unemployment rate fell to 4.7%, the lowest since November 2007, however that was due to 458,000 people leaving the workforce. The labor force participation rate slipped for the second month in a row to 62.6%.

The Fed’s Beige Book reported “modest” to “moderate” growth through the end of May, as employment, wages and consumer spending all grew modestly. The report noted pessimism in four of the Fed’s twelve districts.

The trade deficit expanded 5.3% in April to $37 billion as imports increased 2.1%. At the same time exports rose a smaller 1.5%. The trade gap for March was revised to $35.5 billion, marking the smallest deficit since December 2013.

Source: Census Bureau

The Atlanta Fed’s GDPNow model is forecasting growth of 2.5% for the second quarter, holding steady after the release of international trade data.

Americans boosted their spending in April, with consumer spending rising 1%, marking the biggest gain in almost 7 years. Consumers spent more on cars and trucks, and dipped into their savings as the savings rate slipped to 5.4%.

Manufacturing grew in May at a slow pace, with the ISM manufacturing index ticking up to 51.3%. A measure of employment was unchanged while a measure of new orders slipped.

Construction spending slipped 1.8% in April as public spending fell 2.8% and residential spending declined 1.5%.

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