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 SELECT model portfolio: Sell FSTCX, Buy FSLBX
Stocks closed the week mixed with the S&P 500 and NASDAQ composite indexes reaching record highs while the Dow Jones Industrial Average suffered a loss. Growth stocks outperformed value stocks and Large caps outperformed small caps. Several key labor market indicators were released during the week. On Tuesday, the Labor Department reported that U.S. job openings increased in October by 7.74 million, up from September's 7.37 million. On Wednesday, ADP reported that US private companies added 148000 jobs and a 4.8% annual pay increase. Finally, on Friday, the Labor Department reported that the U.S. added 227,000 jobs in November, slightly higher than the expectation but a sharp increase from October. Wall Street viewed these data as a positive factor for the Fed to cut interest rates by another 0.25% in the next Fed policy meeting on December 17. For the week, the S&P 500 went up 0.96%, closing at 6090, the Dow Jones Industrial Average fell 0.6%, while the technology-laden Nasdaq composite index jumped 3.34%.
The technical picture and outlook for The S&P 500 index stay the same as last week. With the index's high momentum, it is expected to continue its ascent along the upper boundary of its trading channel.
Note: Numerous funds are scheduled to distribute year-end capital gains and dividends over the next few weeks. As this information isn't automatically accessible, I will need to manually adjust momentum indicator calculations. Consequently, momentum rankings may be less accurate than usual during this time, a pattern observed in past years."
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| The weekly chart of the S&P 500 index |
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