MACRO MONDAY 33 ~ NFIB National Federation of Independent Business Index (NFIB) Released Tuesday 13th Feb 2024 Think of the NFIB small business index as a sentiment index, a sort of mood meter for small businesses. The higher the index, the more optimistic small businesses will be about spending more, expanding and increasing or maintaining employees. The...
Personal notes on economic indicator. Optimism is heading lower. The last major read was the fallout of 08. Incurs a negative bias for the wider market.
There appears to be a correlation between the U.S. NFIB Business Optimism Index (USBOI) and the S&P 500. When the Stochastic RSI of the USBOI was oversold to the 2.67 level, the S&P 500 tended to outperform thereafter. Interestingly enough, this signal is currently oversold at that level meaning the S&P 500 could rebound soon.