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.
Trading signal occurs in HSA model portfolio: Sell DZCRX, Buy CSFZX.
Stocks climbed to new heights, with both the S&P 500 and Dow Jones Industrial Average reaching record levels. The positive earnings reports from JPMorgan Chase and Wells Fargo marked the beginning of the third-quarter earnings season. However, inflation proved to be persistent, as the September core CPI increased by 0.3% month-over-month, exceeding expectations of 0.2%. Additionally, the September core PPI rose 0.2% as anticipated. This unexpected rise in inflation dashed investors' hopes for a more aggressive 0.5% interest rate cut by the Federal Reserve in November. Instead, the market is now leaning towards a more moderate 0.25% rate reduction. For the week, The S&P 500 gained 1.11%, closing at 5815, the Dow Jones Industrial Average advanced 1.21%, and the Nasdaq composite index increased 1.13%.
The S&P 500 advanced to another record high, fueled by strong momentum. The index has maintained an upward trend for five consecutive weeks. While a minor pullback or sideways consolidation might be expected, our overall positive outlook for the S&P 500 remains unchanged.
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| The weekly chart of the S&P 500 index |
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