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 last week's sell-off, with tech sectors leading the way. Markets were muted on the global tariffs taking effect on Thursday, but were motivated by the increasing likelihood of a rate cut from the Fed in September. On the economic data front, the Institute for Supply Management's (ISM's) services purchasing managers’ index (PMI) came in at 50.1% well below the expected 51.3%, indicating a slowdown in the service sectors. On Thursday, the Labor Department reported that the jobless claims rose from 219000 to 226000 for the week ended on August 2. For the week, the S&P 500 advanced 2.43% to close at 6389, the Dow Jones Industrial Average rose 1.35%, and the Nasdaq Composite jumped 3.87%.
The S&P 500 index consolidated this week, trading sideways within the previous week's range. The index managed to reclaim the 6300 level, but is still struggling to break through the 6400 resistance. Before a breakout above 6400 can occur, a short-term pullback is a real possibility. A drop below the 6200 support level could send the index down to 6000, so caution is advised.
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| The weekly chart of the S&P 500 index |
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