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 experienced higher volatility as companies including several tech giants reported their quarterly earnings during this busiest week of earning season. Major indices ended the week a tad lower after big gain last week. For the week, S&P 500 index went down 0.37% to 4395, Dow Jones Industrial Average lost 0.36%, and the technology laden NASDAQ composite index decreased 1.11%.
The technical structure of S&P 500 index remains the same as it continued to march higher following the slope of its 28 week exponential moving average (EMA). With the slight decline this week, the index is 6.9% above its 28 EMA. Our view of market direction stays the same as last week: Without any foreseeable black swan event, we think the index will continue its current pattern moving higher with some fluctuation around its trend line.
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| Weekly chart of S&P 500 index |
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