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 closed higher with growth stocks outperforming value stocks. Investors were relieved that President Trump did not immediately introduce the global reciprocal tariffs but signed an order to postpone it until April 1 after further study, which leaves room for country-by-country negotiations. On the economic front, all eyes were on the Consumer Price Index (CPI) and Produce Price Index (PPI), which were released on Wednesday and Thursday. The CPI came in 0.5% month over month in January and 3.0% year over year. The PPI advanced 0.4% in January also higher than the expectation. The hotter-than-expected inflation data have prompted Fed Chair Jerome Powell to make the comment that the Fed will keep the policy restrive for longer to bring down the inflation in front of the Senate Banking Committee. For the week, the S&P 500 advanced 1.47%, closing at 6114, the Dow Jones Industrial Average increased 0.55%, and the technology-laden Nasdaq composite index jumped 2.58%.
The S&P 500 finished the week above the 6090 resistance level signaling an attempt to break out of its recent consolidation pattern on the weekly chart. A confirmed breakout, and a continuation of the uptrend, would be signaled by a close above the previous high of 6128, completing a higher-high formation. Current momentum suggests a positive outlook, and we remain bullish on the S&P 500's potential for further gains.
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| The weekly chart of the S&P 500 index |
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