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| Weekly chart of S&P 500 index |
Weekly stock market commentary and momentum rankings of ETFs and mutual funds.
Fund Rankings Update, 8/4/2017
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.
US economy created 209000 new jobs in July more than the 175000 jobs expected. The unemployment rate dipped to 4.3%, the lowest in 16 years. The job report pushed Dow Jones Industrial Average higher making its nine day winning streak since February. For the week, S&P 500 index closed at 2476, up 0.19%, Dow Jones Industrial Average gained 1.2% and NASDAQ composite index decreased 0.36%.
S&P 500 continues to climb higher with high momentum. The short term support lies at 2450 and the intermediate term support is not far below at 2400. The up-trend is supported by strong corporate earning and underlying strength in US economy. It is likely that the index will keep grinding higher but experience minor redistribution along the way.
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