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.
Happy New Year! Major indices reached all time high in this holiday shorten week to close the year 2020. Investors' sentiment were boosted by President Trump's signing of stimulus bill after reluctance for a few days. The surprised decline in weekly jobless claim also helped the market advance further. Health care sectors outperformed the market while big tech companies, which were strong the previous week, lost its momentum. For the week, S&P 500 index went up 1.43% to 3756, Dow Jones Industrial Average gained 1.35% , and the technology laden NASDAQ composite index increased 0.65%.
S&P 500 broke and solidly closed above 3700 after four weeks of tight range consolidation. The index is 9% above its 28 week EMA. It seems that the index is heading toward 3800 or even 3900 in the short term before its inevitable correction.
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| Weekly chart of S&P 500 index |
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