The Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, and sETF have been posted on the "Rankings", and "Trading Logs" pages.
Stocks rebounded from the sell-off at the end of last week and finished broadly higher with valued stocks outperforming growth stocks. Optimism was supported by strong earnings reports from the financial sector as JPMorgan Chase, Goldman Sachs, Citigroup, and Wells Fargo all reported profit surges during the fourth quarter. Cooling inflation data also boosted investors' sentiment. The Labor Department reported on Wednesday that the core CPI for December rose 0.2% month over month, lower than the expected 0.3% and the core CPI slowed to 3.2% year over year. For the week, the S&P 500 climbed 2.91%, closing at 5996, the Dow Jones Industrial Average rose 3.69%, and the technology-laden Nasdaq composite index advanced 2.45%.
The S&P 500 Index has swiftly rebounded after briefly touching its 28-week moving exponential average. This recovery, which saw the index close near the peak of its recent downturn, has coincided with a reversal in the decline of its momentum indicator which is now moving back toward overbought territory. If the index can sustain another positive week next week, it strongly suggests that the current period of consolidation is ending, paving the way for a renewed upward trend."
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| The weekly chart of the S&P 500 index |
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