Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, and sETF have been posted on "Rankings", and "Trading Logs" pages.
Trading signal occurs in SSPP model portfolio: Sell FIUIX, Buy FDEGX
Stocks closed the week mixed with the technology-laden NASDAQ composite indexes breaking the 20000 barrier for the first time. Investors were largely waiting for the Fed's interest decision next week. The CPI and PPI data released Wednesday and Thursday mostly met expectations with a slight uptick in monthly PPI. On Thursday, the Labor Department reported a surprise jump in weekly initial jobless claims of 242,000 suggesting a softening labor market. With slowing inflation and a cooling labor market, expectations for a rate cut by the Fed next week have increased. For the week, the S&P 500 went down 0.64%, closing at 6051, the Dow Jones Industrial Average fell 1.82%, while the technology-laden Nasdaq composite index rose 0.34%.
The S&P 500 index continued its upward march along the upper boundary of its trading channel. Given the index's position above its 28-week exponential moving average and its strong momentum, our bullish outlook remains unchanged.
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| The weekly chart of the S&P 500 index |
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