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 with S&P 500 index and NASDAQ composite making record high. Investor sentiments were boosted by Fed Chair Jerome Powell's reiteration about recent spike in inflation as temporary on Tuesday, and the bipartisan agreement for Infrastructure deal reached on Thursday. Energy stocks outperformed the market while real estate and utility stocks underperformed. For the week, S&P 500 index went up 2.74% to 4280, Dow Jones Industrial Average gained 3.44%, and the technology laden NASDAQ composite index increased 2.35%.
Both S&P 500 index and Nasdaq composite index moved higher and made record high this past week validating our view in the past few weeks. With both indices stay above their 28 week EMA with ascending momentum, we believe the indices will climb higher in the next few weeks.
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| Weekly chart of S&P 500 index |
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