Weaker retail sale and industrial production coupled with higher consumer price index eased investor's nervousness about interest rate hike in September and pushed stocks modestly higher. For the week S&P 500 index closed at 2139, up 053%, Dow Jones Industrial Average gain 0.21% while technology laden NASDAQ composite index increased 2.31%.
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| Weekly chart of S&P 500 index |
S&P 500 index rebounded a bit from its 28 week moving average support level as seen the weekly chart. Its STO momentum indicator has fallen out of over bought area and heading lower. The consolidating around its 28 week moving average may continue for another couple of weeks.
We have observed sector rotation in the past few weeks in the sETF and SELECT ranking tables. The energy related sectors have fallen out of favor while technology sectors have moved up the ranks. If the rotation continues, it will be reflected in our sETF and SELECT model portfolio tradings.
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