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.
Positive economic data from US and China lifted investors optimism this past week. All major indices close the week with solid gains. For the week, S&P 500 index closed at 2892 up 2.06%, Dow Jones Industrial Average gained 1.91% and technology laden NASDAQ composite index increased 2.71%.
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| Weekly chart of S&P 500 index |
S&P 500 index continues to march higher with high momentum as seen in the weekly chart. The solid gain last week put the index 5% above its moving average. If the index goes up too fast and too much away from its trend line, we may see sharp sell off as experienced in the past. The timing will fit the saying, Sell in May and walk away, if that occurs. With that in mind, we will closely monitor the price action in the next few weeks.
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