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.
Expectation of further fiscal stimulus policy and progress on Codv-19 vaccination pushed stocks higher at the beginning of the week. However, higher than expected weekly jobless claims and inflation worries due to unexpected stronger retail sales pulled the markets into negative territories later of the weeks. For the week, S&P 500 index went down 0.71% to 3906, Dow Jones Industrial Average gained 0.11%, and the technology laden NASDAQ composite index decreased 1.57%.
S&P 500 index went back to the tight upward trading channel in the past two weeks. With the high upward momentum, the index is very likely to reach 4000 level in the next few weeks as we have discussed in the blog last week. We think that the index will continue to grind higher in the short term but the downside risk remains at an extremely high level. Caution and risk management are warranted as the index marching higher.
 |
| Weekly chart of S&P 500 index |
No comments:
Post a Comment