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 ended the week mixed with optimism about reopening of the economy outweighing concern about the rising interest rates. For the week, S&P 500 index went up 1.57% to 3974, Dow Jones Industrial Average gained 1.36%, while the technology laden NASDAQ composite index decreased 0.58%.
Weekly charts below show that S&P 500 index continued its side way consolidation the past two weeks while the NASDAQ composite index retested its 28 week moving average support. The momentum indicator, STO[15,1], of S&P 500 index has climbed back to overbought position and headed higher, while momentum indicator of NASDAQ composite index has slowed down its downward falling near 50, and appears to turn around if we can get a positive close next week. As we have discussed last week that this consolidation has been concentrated on tech sectors and growth stocks. It is likely that the general market will resume its up trend once the tech sector consolidation is over. We will see how this play out next week.
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| Weekly chart of S&P 500 index |
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| Weekly chart of NASDAQ composite index |
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