Favorable economic data from housing sector and employment report, together with strong corporate earning reports keep the rally going. All major indices except DJIA reached another new high. For the week, S&P 500 index closed at 2472, up 0.54%, Dow Jones Industrial Average lost 0.27% while NASDAQ composite index increased 1.19%.
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| Weekly chart of S&P 500 index |
After breaking 2450 resistance level, S&P 500 index managed to stay above the resistance and appears to successfully test the level mid-week. Stock market in general is weaker during summer months because of quieter trading activity. However, markets have been supported by strong corporate earnings and hope for economy growth in U.S so far. In the weekly chart, S&P 500 index continues to trend up with high momentum, and our outlook for the index stay positive.
In the sector front, technology sectors are still strong but bio-tech and health care funds have been gaining strength and moved up quickly in the sector fund ranking tables. For global funds, momentum ranking of Spain fund (EWP) has dropped out of the top 7 ranks and is replaced with the current top ranked Austria fund, EWO in our iETF model portfolio. Detail trading records can be seen in the "Trading Logs" page.
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