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 another record high. Economy data released during the week supported the positive sentiment with consumer confidence beating expectation and US economy added 850,000 jobs in June fare exceeded the 700,000 jobs expected. Within broader markets, large cap growth stocks outperformed small caps with tech and healthcare companies leading the way. For the week, S&P 500 index went up 1.67% to 4352, Dow Jones Industrial Average gained 1.02%, and the technology laden NASDAQ composite index increased 1.94%.
As observed in the weekly chart below, S&P 500 index has broken and stayed comfortably above its 4250 resistance level. Our positive view of the market direction since two weeks ago stays the same as the index looks to be heading toward 4500.
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| Weekly chart of S&P 500 index |
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