Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted in "Rankings", "Trading Logs" pages, and http://ycprankings.awardspace.us/RankingTables.htm.
Stocks went lower as earning reports from Goldman Sachs' and Johnson & Johnson disappointed investors during the week. However, markets got a strong boost from Treasury Secretary Mnuchin on Thursday that the tax reform plan will be ready next week. For the week, S&P 500 index closed at 2348, up 0.85%, Dow Jones Industrial Average gained 0.46% while the technology laden NASDAQ composite index outperformed other indices and increased 1.82%.
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| Weekly chart of S&P 500 index |
Another week that S&P 500 index survived the short term support at 2325. The weekly highs of the past six weeks have been sloping down while the weekly lows have been above the short term support at 2325. Our market outlook stays the same as last week that the overall up-trend is still intact and the S&P 500 index is waiting for 28 week moving average to catch up.
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