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 rebounded in this holiday shorten week as concern about Covid Omicron variant abated. Positive economic data on durable good order and consumer confidence during the week also helped to push stocks higher. For the week, S&P 500 index went up 2.28% to 4725, Dow Jones Industrial Average gained 1.65%, and the technology laden NASDAQ composite index increased 3.19%.
On the technical front, the S&P 500 index has been in horizontal consolidation since early November. The index has managed to stay about its 28 week EMA and its momentum indicator has climbed back to overbought region and heading higher. Investors usually buy back stocks in January, after year-end tax selling (the so called January effect). We will see how that plays out early next year. In the meantime, our cautiously positive outlook for the next few weeks stay the same.
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| Weely chart of S&P 500 index |
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