Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at http://sites.google.com/site/ycprankings
Stocks continued their consolidation but encouraged by the home construction and job reports. S&P 500 index closed the week at 1460, up 1.41%. Dow Jones Industrial Average gained 1.29%, and Nasdaq composite increased 0.64%.
As shown in the weekly chart below, S&P 500 index has been in consolidation for the past 3 weeks trading between 1425 and 1475. Breaking the channel on the upside will resume the rally while breaking on the low side can take us to the 1360 support level. Judging from its high momentum, I see more upside from here than downside.
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