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.
Another positive vaccine news from University of Oxford and AstraZeneca ignited the hope for reopening the economy, and on the political front, uncertainty was removed with General Service Administration started the formal transition of power from Trump to Biden. Stocks advanced higher with Dow Jones Industrial Average crossed the 30,000 mark the first time in the history. For the week, S&P 500 index went up 2.27% to 3638, Dow Jones Industrial Average gained 2.21% , and the technology laden NASDAQ composite index increased 2.96%.
S&P 500 index consolidated between 3550 to 3650 for another week. The index appears to be forming a bull flag patter on the weekly chart, and the year-end period usually is favorable for stocks to go higher. However, our view remains cautious as the index is 9% above its 28 week EMA.
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| Weekly chart of S&P 500 index |
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