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.
Stocks closed broadly higher this week as Trump won his second term of the U.S. presidency followed by a 0.25% interest rate cut from the Fed. With the Republicans also winning control of both the Senate and the House, investors anticipate business-friendlier policies from the next administration, which will result in looser regulations, lower taxes, and faster company earning growth. For the week, the S&P 500 jumped 4.66% to another record high, closing at 5995, the Dow Jones Industrial Average advanced 4.61%, and the technology-laden Nasdaq composite index increased 5.74%.
After two weeks of modest decline, the S&P 500 surged 4.66% to a new all-time high. Instead of dipping to the 5600-5650 support zone, the index found a solid floor at the 5700 level. This reversal, coupled with a positive shift in momentum indicators, suggests that the upward trend remains intact. We anticipate the index to continue its ascent along the upper edge of its rising trading channel.
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| The weekly chart of the S&P 500 index |
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