Consumer Confidence may be at multi-year lows but that isn't stopping the momentum of Investor Confidence. The S&P 500 stock index ended the month up over 7% - the best monthly performance for the month of August in 34 years. With interest rates low, both new and pending home sales are rising at staggering levels, while over 1 Million people have filed unemployment claims in 22 out of the last 23 weeks. Investors are happily favoring the good news over the bad news and are pushing the stock market to record levels. Now, the stock market has a 5-consecutive month winning streak. This week, investors will look for some signs from the Manufacturing, Construction and Motor Vehicle Sales data that will be released, with the goal of keeping the winning streak alive as we move into September.
Technology Shares have been leading the global stock market rally. The United States, Developed International and Emerging Market stock markets are very strong, based on being well above their short (21-day), medium (50-day) and long-term (200-day) price averages.