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 went up for the second week with small cap stocks leading the way. Investor sentiment was largely affected by the progress of economic stimulus package negotiation between White House and the congress. On the economy front, US economy only added 661,000 jobs in September below the expectation of 850,000 jobs, indicating the slowdown of the economic recovery. On Friday, news of President Trump's contraction of Codv-19 casted uncertainty on investors mind and caused the pre-market sell-off. Stocks recovered some lost ground and still closed the week positively. For the week, S&P 500 index went up 1.51% to 3348, Dow Jones Industrial Average gained 1.87% , while the technology laden NASDAQ composite index increased 1.48%.
S&P 500 index gapped up, reached the 3400 short term resistance level and retreated back to where it started as seen in the weekly chart below. With the political uncertainty (Trump's hospitalization, and coming presidential election), it is likely that the index may trade within the 3200-3400 range in the coming weeks. In order to keep the up-trend intact, the index has to stay above the 28week EMA during this consolidation. We shall see how this play out.
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| Weekly chart of S&P 500 index |
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