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 ETF model portfolio: Sell IYR, Buy FXI.
Stocks advanced higher with the S&P 500 index reaching another record level. The advancements were led by the utility and real estate sectors with small-cap and mid-cap stocks outperforming the general market. Despite a lighter week of economic news, positive signs emerged. The September retail sales, released on Wednesday, went up 0.4% much higher than the 0.1% registered in August, and the weekly initial jobless claims fell unexpectedly to 241,000. For the week, The S&P 500 gained 0.85%, closing at 5864, the Dow Jones Industrial Average advanced 0.96%, and the Nasdaq composite index increased 0.8%.
The S&P 500 index continued its upward trajectory, reaching a new all-time high near the upper boundary of its trading channel. Given the index's strong momentum, we anticipate the bullish trend to persist. However, it's important to note that short-term pullbacks or periods of sideways consolidation are likely to occur.
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| The weekly chart of the S&P 500 index |
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