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.
Strong company earnings moved the markets higher while trade friction with China had little impact on the markets. For the week, S&P 500 index closed at 2840 up 0.76%, Dow Jones Industrial Average gained 0.05% and technology laden NASDAQ composite index increased 0.96%.
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| Weekly chart of S&P 500 index |
S&P 500 index was traded between 2850 and 2800 for the second week. The index seems to find a support at 2800 but is having trouble breaking above the short term resistance at 2850. However, S&P 500 index is currently only 4% above its 28 week moving average, not over stretching itself. Its weekly momentum is still staying on the high side and looks to be able to carry the index higher.
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