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 their advance with all major indices reaching all time high during the week. Investor sentiments were supported by progress on President Biden's social infrastructure spending plan in the congress and the slow down in 3rd quarter GDP which bring down the intermedia- and long-term U.S. treasury yields. Consumer discretionary sectors led the markets while energy sectors lagged. For the week, S&P 500 index went up 1.33% to 4605, Dow Jones Industrial Average gained 0.4%, and the technology laden NASDAQ composite index increased 2.7%.
S&P 500 reached all time high and closed the week above 4600. The index has rebounded back from its 28 week EMA to its pre-September upward trajectory. We think the index will follow the trajectory going higher but need to remain vigilant about any future parabolic move.
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| Weekly chart of S&P 500 index |
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