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 iETF model portfolio: Sell EZA, Buy EWS
Stocks declined broadly for the week with Dow Jones Industrial Average experiencing 10 days of consecutive loss, the longest losing streak since the 1970s. All eyes were on the interest rate policy from Wednesday's Fed policy meeting. The Fed did lower the interest rate by 0.25% as expected on Wednesday but projected to cut fewer times in 2025 according to the projection by its members. Investors sentiment turned vastly negative as the Fed turned hawkish toward the path of future interest rates. For the week, the S&P 500 went down 1.99%, closing at 5930, the Dow Jones Industrial Average fell 2.25%, and the technology-laden Nasdaq composite index fell 1.78%.
With the decline this week, the S&P 500 index is still trading within its upward trading channel, currently sitting 4.1% above its 28-week exponential moving average. Support levels are observed at 5650-5700 (short-term, aligned with the trendline) and 5200 (longer-term, relevant if the trend shifts bearish). As the index continues to hold above its upward trendline, our bullish outlook for the market remains unchanged.
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| The weekly chart of the S&P 500 index |
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