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.
Better than expected economic data in manufacturing and service sectors drove the stock markets higher. All major indices reached their record high with S&P 500 index closed higher for 8 days in a row, its longest winning steak since 2013. For the week, S&P 500 index closed at 2549, up 1.19%, Dow Jones Industrial Average gained 1.65% while NASDAQ composite index increased 1.45%.
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| Weekly chart of S&P 500 index |
S&P 500 index continues its uptrend with high momentum. The slope of its advanced has changed to the upside which warrants some caution in the weeks ahead. We can find a similar pattern looking back at the weekly chart in February/March time frame. At that time, the index experienced a small pulled back for 6 weeks after the index moved up a lot faster than its 28 week moving average. We will see how the market plays out this time around.
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