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.
Trading signal occurs in sETF model portfolio: Sell IYZ, Buy IAI
Stocks recovered from a large sell-off at the start of the week as President Trump's imposed tariffs on Canada and Mexico received a postponement for 30 days. Positive company earnings also helped investors' sentiment. 77% of the companies that have reported quarterly earnings so far have met or exceeded the expectations. Economic indicators presented a mixed picture. The Institute for Supply Management’s (ISM) Manufacturing Purchasing Managers’ Index (PMI) demonstrated growth in the manufacturing sector during January. However, job growth figures fell short of projections, raising concerns about a potential weakening in the labor market. For the week, the S&P 500 fell 0.24%, closing at 6025, the Dow Jones Industrial Average went down 0.54%, and the technology-laden Nasdaq composite index declined 0.53%.
The S&P 500 index is clearly in a side-way consolidation around 6000, as seen in the weekly chart. The long-term upward trend remains intact, with the index staying above its 28-week exponential average. However, it's important to note that the index is currently testing a resistance level around 6090. A successful break above this level could end the consolidation phase and pave the way for a renewed upward trend.
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| The weekly chart of the S&P 500 index |
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