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 CSFZX, Buy CSMUX
Stocks closed lower as the post-election rally failed to maintain its momentum. As President-elect Donald Trump continued to announce his new cabinet members during the week, uncertainty about the incoming administration's policies started to weigh on investors' sentiment. On the economic front, the CPI and PPI inflation data released on Wednesday and Thursday were largely in line with the expectation. However, Fed Chair Powell made the comment on Thursday that the Fed is in no hurries to lower the interest rates, which dampened the market sentiment as well. For the week, the S&P 500 gave up 2.08%, closing at 5870, the Dow Jones Industrial Average fell 1.24%, and the technology-laden Nasdaq composite index decreased 3.15%.
The S&P 500 has erased its post-election gains this week. The index is now testing its first support level around 5870, which coincides with its previous high and the 20-day EMA. A successful defense of this level could propel the index to a new high of 6200. However, a breakdown below 5870 might trigger a decline to the next support at 5700. Despite recent weakness, the overall technical outlook remains bullish. We anticipate continued upward momentum until the index breaks below the 28-week EMA.
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| Weekly chart of the S&P 500 index |
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