Market Direction Weekly Closing Numbers

The economy 

First, let me start by saying the market is under pressure. Next week's action could call a market directions change ALERT. Continue checking the website for any future changes.

After registering two consecutive weekly losses, the stock market faced a range-bound week, which ended with a modest slip for the S&P 500. The trading week featured a fair dose of economic data, which included an in-line Core PPI reading for April (+0.1%) and better than expected April Retail Sales (+1.3%; Briefing.com consensus 0.8%). The dollar responded by continuing its rebound off the 2016 low that was registered on May 3. The Dollar Index added 0.7% for the week, settling near levels from late March/early April.

Market participants received another batch of quarterly earnings during the week, but the results did not have a far-reaching impact. At the end of the week, nearly 92.0% of S&P 500 components had reported their results. Blended earnings were down 7.0% year-over-year while earnings on a reported basis were down 7.6%.

Investors heard from a handful of Fed officials throughout the week with some cautioning that the possibility of a rate hike in June should not be dismissed entirely. The fed funds futures market, however, remains convinced that the next rate hike will not come before December. The market is pricing in just an 8.0% likelihood of a rate increase in June while the probability of a December hike is at 62.0%.

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By the numbers the weekly closing index numbers compared to the initial sign-up and subscribe recommendation closing numbers: 

Stock Market Closing Numbers
compared to Recommendation Numbers
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Dow Jones	?	?	?
Nasdaq	?	?	?
S&P 500	?	?	?

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