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.
Major indices continued to make record highs with tech sectors and small cap stocks leading the way. Investor sentiments were boosted by the dovish statement from the Fed after its policy meeting Wednesday and the economic data showing better than expected factory orders in September. Job report released on Friday showing US added more than 530,000 jobs in September also supported the broad advance in stocks. For the week, S&P 500 index went up 2.0% to 4697, Dow Jones Industrial Average gained 1.42%, and the technology laden NASDAQ composite index increased 3.05%.
As shown in the weekly chart, S&P 500 index has comfortably broken above its previous high and reached the upward trajectory it has formed since November 2020. With the elevated momentum, we expect the index to continue heading higher for the coming weeks.
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| Weekly chart of S&P 500 index |
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