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 higher as the first quarter came to an end and the second quarter begins. S&P 500 index broke above the 4000 barrier and close at all time high of 4019. Investor sentiments were boosted by President Biden's two trillion infrastructure plan which will vastly increase spending on internet and transportation infrastructure as well as on research and development. Economic data released during the week also supported investors' optimism with consumer confidence index reaching record high and regional manufacturing indexes surprised economists on the upside. For the week, S&P 500 index went up 1.14% to 4019, Dow Jones Industrial Average gained 0.24%, and the technology laden NASDAQ composite index increased 2.6%.
S&P 500 index broke the 4000 psychological barrier and closed the week at 4019. As we discussed in the blog last week: Now that the Nasdaq composite index has found a support above its 28 week moving average and about to reverse its downward direction, the S&P 500 will complete its flat consolidation and resume its advance. Going forward, the best scenario is for the index to make small but steady advances with flat consolidations along the way, while the worst scenario is for the index to make hyperbolic jumps and crash down heavily. Regardless of how this is playing out, we just have to be patient and execute our trades according to the plan.
 |
| Weekly chart of S&P 500 index |
No comments:
Post a Comment