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.
Major indices continued their upward advance, reaching another all time high this week. Investors look past the civil unrest encouraged by the outgoing president Trump and anticipate the next round of fiscal stimulus and the spending plan on infrastructure, new energies, and health care under incoming President Biden and Democrat controlled House and Senate. Small caps and value stocks outperformed large caps and growth stocks. For the week, S&P 500 index went up 1.83% to 3824, Dow Jones Industrial Average gained 1.61% , and the technology laden NASDAQ composite index increased 2.43%.
After breaking the resistance at 3700, S&P 500 quickly advanced above 3800 without hesitation. The index is 10.1% above its 28 week EMA. With the extreme high momentum, the index will climb higher as we have predicted but the risk level is getting higher and higher. It is prudent to review and balance the portfolio allocation to reduce the risk exposure.
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| Weekly chart of S&P 500 index |
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