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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:
The market was not fazed by Fed Chair Janet Yellen’s comments that a rate hike may be in order this summer, and stocks closed higher on Friday, with the S&P 500 ending the week up 2.28%, logging its biggest weekly gain in two months.
Source: dshort.com
This week data will be released on consumer spending, manufacturing, construction spending, the trade deficit and the jobs report.
The economy expanded .8% in the first quarter, revised up from a previous estimate of .5% growth on a stronger inventory build and residential construction.
The Atlanta Fed’s GDPNow model is forecasting growth of 2.9% for the second quarter, up from a previous estimate of 2.5% following the release of durable goods data.
Sales of new homes jumped 16.6% in April, marking the biggest monthly increase in 24 years, to an annual pace of 619,000. At the current sales pace, the inventory of new homes stands at a 4.7 months supply.
Source: NAHB
Pending home sales rose 5.1% in April, reaching the highest level in over a decade. According to the National Association of Realtors, “even if rates rise soon, sales have legs for further expansion this summer if housing supply increases enough to give buyers an adequate number of affordable choices during their search”.
Source: NAHB