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 rebounded higher this past week amid post-election rally. Even though the winner of the election is still yet to be called, investors were encouraged that as no Democrat "blue wave" occurred there will not be dramatic economic and fiscal policy changes from the congress. For the week, S&P 500 index went up 7.32% to 3509, Dow Jones Industrial Average gained 6.87% , while the technology laden NASDAQ composite index increased 9.01%.
After closed near the strong trend line support at 3200 a week ago, S&P 500 index rebounded strongly back to the 3500 resistance level. The index is again 7% above its 28 week EMA in the weekly chart. Going forward, we would like to see the index consolidate around 3500 level to keep the uptrend more robust.
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| Weekly Chart of S&P 500 index |
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