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 continued its rebound boosted by positive economic data and strong earnings from banking sectors. Consumer price went up 4% year over year at the end of September and Producer price index went up 0.5% in September indicating the peak of inflation might be over. Weekly jobless claim fell to 293000, a pandemic low and the September retail sales surprised the economists on the upside with 0.7% increase. For the week, S&P 500 index went up 1.82% to 4471, Dow Jones Industrial Average gained 1.58%, and the technology laden NASDAQ composite index increased 2.18%.
S&P 500 attempted to resume its uptrend and closed the week strongly above its 28 week EMA and the high of last week. Its daily momentum is heading upwards, and the daily MACD has shown a golden cross pattern. If the index can hold above 4500 next week, there is a great chance that it will advance further to make record high. The price action of S&P 500 index is very similar to what it had in the same period of time last year. It consolidated for two months in September and October, and broke out to resume its uptrend in November. We will see how the index performs in the next two weeks before November comes.
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| Weekly chart of S&P 500 index |
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| Daily chart of S&P 500 index |
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