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.
Markets rebounded sharply this past week with technology sectors and small cap stocks leading the way. President Trump's exclusion of Canada and Mexico in his tariffs increase on steel& aluminum imports, and Friday's stronger than expected job report boosted the positive sentiment on Wall Street. For the week, S&P 500 index closed at 2786, up 3.54%, Dow Jones Industrial Average gained 3.25% and technology laden NASDAQ composite index increased 4.17%.
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| Weekly chart of S&P 500 index |
S&P 500 index has formed a unsymmetrical "W" bounce above its 28 week moving average. The high volatility can be seen from the large candles in the past few weeks. It seems that the index will go back to its uptrend with slope similar to the period from April 2017 to August 207 (which roughly equals to 16.45% annual growth rate). Hopefully the volatility subsides and we can have a more robust uptrend.
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