Market Direction Weekly Closing Numbers

Market Direction: BULLISH alert issued 6/2/2016

The economy

This is the 17^th week of the stock market being in a bullish mode. Can the stock market continue to climb higher?

The advance in the market was broad-based as most sectors gained at least 0.4% for the week. Rate-sensitive sectors like real estate and utilities both advanced more than 3.0% for the week while energy (+0.1%) and technology (+0.4%) were the only two that failed to climb more than 1.0%. The underperformance in the technology sector masked a 20.0%+ spike in the shares of Twitter (TWTR) after CNBC reported that Salesforce (CRM) and Alphabet (GOOG) have expressed interest in the social media site.

Equity indices retreated early in the week, but buyers piled back into stocks after Wednesday's FOMC announcement called for no change to monetary policy once again. In addition to holding off on the next hike, the FOMC lowered its median policy rate projections for 2016, 2017, and 2018. However, the Fed statement was not unequivocally dovish, revealing three dissenting votes at the September meeting.

Federal Reserve Chair Janet Yellen discussed the FOMC decision, suggesting that a rate hike could take place in December. However, rate hike expectations, as expressed by the fed funds futures market, did not change much from last week. In fact, they receded a bit as the implied likelihood of a December hike ticked down to 54.2% from 55.5% at the end of last week.

$tockMarketDirection proprietary model is currently BULLISH. We strongly encourage you to monitor positions closely, exercise proper money management strategies and follow us at $tockMarketDirection for ALERTS we may issue advising a change in the current market direction. Stay tuned and follow us. If you have a testimonial or comment of how this website has helped you we would like to know, write us. Share with a friend.

By the numbers the weekly closing index numbers compared to the initial BULLISH recommendation closing numbers: 

Stock Market Closing Numbers
compared to Recommendation Numbers
	6/2/2016	9/23/2016	Difference
Dow Jones	17,838.56	18,261.45	422.89
Nasdaq	4,971.36	5,305.75	334.39
S&P 500	2,105.26	2,164.69	59.43

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