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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, 7/6/2018
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.
Stronger than expected job report outweighed the worries about trade war in this holiday-shorten trading week. For the week, S&P 500 index closed at 2759 up 1.52%, Dow Jones Industrial Average gained 0.76% and technology laden NASDAQ composite index increased 2.37%.
On the weekly chart of S&P 500, we can see the index was supported by the 28 week moving average from below and bounded by 2800 from the top. Momentum of S&P 500 has weaken a bit, its STO[15,1] has fallen below the overbought threshold of 80. Breaking above the 2800 resistance level is a key for this index to continue its up trend. As investors come back from vacation next week, we will see trading volume picks up and a clearer market direction.
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