YCP ETF and Mutual Fund Rankings: May 2024

Fund Rankings Update, 5/24/2024

Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, and sETF have been posted on "Rankings", and "Trading Logs" pages, as well as in http://ycprankings.awardspace.us/RankingTables.htm.

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Stocks closed mixed for the week with the S&P 500 index and Nasdaq composite index making another all-time high while the Dow Jones Industrial Average suffered the worst setback since April. The focus and the major driving factor of the tech stocks is the quarterly earning report from AI-giant NVIDIA on Wednesday after the market close. NVIDIA stock went up more than 9% after reporting a 262% increase in quarterly revenue and a 629% increase in quarterly earnings over last year, handsomely beating Wall Street's expectations. The boost from NVIDIA did not translate into broader markets as economic data showed the economic growth rebound in May which raised the speculation for the Fed to wait longer before cutting the interest rate. For the week, the S&P 500 went up 0.03% to 5304, the Dow Jones Industrial Average decreased 2.33% and the Nasdaq composite index advanced 1.41%.

The S&P 500 index closed the week before the long weekend almost flat indicating that it is searching for a direction at this record high junction. We think the index will continue to march higher as the index is 6.6% above its 28-week EMA, within the historical norm, and its momentum indicator is high in the overbought region. The next levels ahead are the 5340, and 5500 from the Fibonacci analysis.

The weekly chart of the S&P 500 index

Fund Rankings Update, 5/17/2024

Stocks advanced for the fourth week with the major indices, Dow Jones, S&P500, and Nasdaq, all reaching record highs. The major factor boosting investors' sentiment was the April CPI index released on Wednesday. The CPI index came in lower than expected contrary to the higher-than-expectation PPI index released a day before. The core CPI in April rose 0.3% in line with the expectation while headline CPI rose the same 03% a tick below the expectation. The moderation of the inflation pressure lowered the treasury yields and propped up the major stock prices to all-time highs. For the week, the S&P 500 went up 1.54% to 5303, the Dow Jones Industrial Average, breaking the 40000 psychological barrier, increased 1,24% and the Nasdaq composite index jumped 2.11%.

As discussed, the S&P 500 index broke the previous high of 5262 without hesitation which signaled the continuation of the bull trend. The index is now in uncharted territory, with each new high being an all-time record making it difficult to predict where the top will be. Using Fibonacci analysis, the potential resistance levels were identified at 5340, 5500, and 5650. Only time will tell how high the index will climb.

The weekly chart of the S&P 500 index

Fund Rankings Update, 5/10/2024

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Stocks advanced for the third week with light trading volume as Wednesday's market saw the third lightest trading volume day of the year. Economic calendars were not as busy either with only initial jobless claims and the University of Michigan consumer sentiment index released on Thursday and Friday respectively. Higher initial jobless claims and lower consumer sentiment all pointed to a slow economy and softer labor markets. For the week, the S&P 500 went up 1.85% to 5222, the Dow Jones Industrial Average increased 2.16% and the Nasdaq composite index jumped 1.14%.

With the strong advance, the S&P 500 index is closing in on its all-time high of 5265. Next week is critical in determining the index's direction: A decisive move above the 5265 and holding there would signal the continuation of the up-trend while a rejection at 5265 could create a double-top bearish formation on the weekly chart.

The weekly chart of the S&P 500 index

Fund Rankings Update, 5/3/2024

Stocks nudged upward for the second week under a slew of economy data and company earning reports. The positive reception to Apple's earning report on Thursday and the less-than-expected nonfarm payroll data on Friday morning boosted investor sentiments. The slowdown in the labor market and the monthly wage increase lessened the investors' worries about the inflation pressure. For the week, the S&P 500 went up 0.55% to 5127, the Dow Jones Industrial Average increased 1.14% and the Nasdaq composite index jumped 1.43%.

The S&P 500 index started the week on the weak side falling below its 50-day exponential moving average but crawled back above the EMA and ended up a bit higher than its opening price to close the week. The price action formed a hammer candle pattern on the weekly chart which is deemed to be bullish. However, The momentum indicator STO[15,1] of the index sits at 67.43, nestled between the overbought and oversold thresholds suggesting a sideway consolidation may be in store for the next few weeks. May is traditionally a weak month for stock markets as the adage, "Sell in May and go away" goes. It remains to be seen if this adage holds true for the S&P 500 this year.

The weekly chart of the S&P 500 index