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.
Stocks marched higher with S&P 500 index and Dow Jones Industrial Average reaching all-time highs after the Fed cut the interest rate by 0.5% on Wednesday. In addition to the Fed's rate cut which signaled the start of the rate-cutting cycle, the positive economic news released during the week also boosted investors' sentiment. The retail sales in July went up 0.1%, significantly more than the -0.2% expected, and the weekly unemployment claims went down to 219K from 231K in the previous week. For the week, The S&P 500 went up 1.36%, closing at 5702, the Dow Jones Industrial Average advanced 1.62%, and the Nasdaq composite index increased 1.49%.
The S&P 500 index has closed above its previous high of 5669 and the psychological resistance of 5700. Given its strong upward momentum, the index is likely to continue trending higher. As previously noted, any dips to the 10-day or 20-day EMAs on the daily chart can be seen as buying opportunities.
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| The weekly chart of the S&P 500 index |
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