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.
Stocks eked out small gain after 3 weeks of advancement. Investors' sentiment is still largely driven the the codv-19 vaccine development and the progress of the economic stimulus package. Industrial and utilities sectors outperformed the market while banking sector lagged behind. For the week, S&P 500 index went up 0.19% to 3483, Dow Jones Industrial Average gained 0.07% , while the technology laden NASDAQ composite index increased 0.79%.
S&P 500 index took a breather after 3 weeks of marching higher, and closed a bit below the phycological round number resistance at 3500. Earning season has started this past week and we expect higher volatility in stocks prices in the next couple weeks as investors react to company earning reports. The index is 7% above its 28 week EMA but its momentum indicator, STO, is still climbing higher. After the earning season is over, we expect the index to resume its advancement.
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| Weekly chart of S&P 500 index |
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