Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted in "Rankings", "Trading Logs" pages, as well as in http://ycprankings.awardspace.us/RankingTables.htm.
News about potential vaccines for COVID-19 boost stocks which benefit from reopening of the economy, such as airlines and travel sectors. However, Information technology sectors and large companies still outperformed the general markets. For the week, S&P 500 index went up 3.26% to record high of 3508, Dow Jones Industrial Average gained 2.59% , and the technology laden NASDAQ composite index increased 3.39%.
S&P 500 index reached all time high after breaking the 3400 resistance and is currently 11.8 % above its 28 week EMA. The index is exhibiting parabolic ascending pattern after the advancement this past week. The high momentum may carry the index higher but caution is warranted as the accompanied risk remain at the alarming level.
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| Weekly chart of S&P 500 index |
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