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 rose strongly Monday as Hurricane Irma did not cause as severe damage as the forecast, and maintained the momentum throughout the week. On Thursday, inflation data showed that consumer price index went up 0.4% providing evidence that the Fed likely will raise interest at its December meeting. For the week, S&P 500 index closed at 2500, up 1.58%, Dow Jones Industrial Average gained 2.16% and NASDAQ composite index increased 1.39%.
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| Weekly chart of S&P 500 index |
S&P 500 challenged the 2500 resistance level this week. Its STO momentum indicator is again entering the overbought region (above 80) after reversing the downward direction 4 weeks ago. Successful breaking of 2500 resistance indicates that the uptrend started in November 2016 will continue its advance, and we shall find that out soon in the next couple weeks.
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