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 advanced to new high mid week on the hope of a larger stimulus package from the new Biden administration. Netflix's surprising strong quarterly earnings also boosted big tech's stock prices. Communication sectors outperformed the market while energy related sectors underperformed due to increase in US's oil inventories. On the economy front, the weekly jobless claim fell down a bit but still at a high level around 900,000, while the January manufacturing activities surprised economist on the upside. For the week, S&P 500 index went up 1.94% to 3841, Dow Jones Industrial Average gained 0.59%, and the technology laden NASDAQ composite index increased 4.19%.
S&P 500 continued its upward advance within the tight trading channel that we mentioned last week. The index is well above its 28 week moving average with strong momentum. The march will continue until the index falls below the tight trading channel.
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| Weekly chart of S&P 500 index |
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