Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, and sETF have been posted on "Rankings", and "Trading Logs" pages.
Stocks closed higher broadly recovering some of the loss from the previous week with the small-cap stocks outperforming the large-cap stocks. Much of the focus was on NVIDIA's third-quarter earnings announcement on Wednesday after the market close. The company reported revenue and earnings exceeded analyst's expectations but with light guidance for the fourth quarter revenue. Investors were generally satisfied with the results and the stocks ended up flat for the week. On the economic front, investors were encouraged by the unexpected drop in weekly initial jobless claims and the surprising rise in existing home sales in October. For the week, the S&P 500 went up 1.68%, closing at 5969, the Dow Jones Industrial Average advanced 1.96%, and the technology-laden Nasdaq composite index increased 1.73%.
The S&P 500 index rebounded from last week's losses and swiftly went back to the top of its trading range. The index's successful test of the crucial 5870 support level, which aligns with its prior high and the 20-day Exponential Moving Average (EMA), validates our positive outlook from last week. With the bulls gaining momentum, we expect the index to continue its upward charge.
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| The weekly chart of the S&P 500 index |
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