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 SSPP model portfolio: Sell FRESX, Buy FIUIX.
Trading signal occurs in FEMKX timing system: Sell FEMKX, Buy Cash
Trading signal occurs in sETF model portfolio: Sell ITB, Buy IYZ
Stocks closed lower for the second week after major tech companies reported quarterly earnings. Despite strong earnings from tech giants like Apple, Google, Amazon, Microsoft, and Meta, investors remained unimpressed. On the economic data front, the Labor Department reported on Friday that the U.S. added only 12000 jobs in October, the lowest since December 2020. Economists attributed the low employment data to the damages caused by Hurricanes Helene, Milton, and the Boeing strike. For the week, the S&P 500 lost 1.37%, closing at 5728, the Dow Jones Industrial Average dipped 0.15%, and the technology-laden Nasdaq composite index decreased 1.5%.
The S&P 500 has undergone a modest pullback over the last two weeks, consistent with our expectations. The index is still trading above its 28-week EMA exhibiting robust momentum. We anticipate that the index will find support at the 5600-5650 level and resume its upward trajectory.
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| The weekly chart of the S&P 500 index |
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