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 moved higher, looking past the US government shutdown after Congress was not able to reach a funding agreement. Investors believe the government shutdown increases the likelihood of a rate cut by the Fed at its policy meeting in late October. For the week, the S&P 500 advanced 1.09% to close at 6715, the Dow Jones Industrial Average rose 1.1%, and the Nasdaq Composite index pulled ahead 1.32%.
The S&P 500 initially hit our first price target of 6750 on Friday before pulling back slightly, settling the week at 6715. This strong close confirms the rally's continuation toward our second price target of 6900. However, the index's growing divergence from its 28-week moving average suggests that caution regarding a short-term pullback is warranted.
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| The weekly chart of the S&P 500 index |
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