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 closed sharply higher with falling oil prices and outcome from FED to hike interest rate by a quarter percentage point. Continued negotiation between Russia and Ukraine to end the war also boosted investor confidence. For the week, S&P 500 index went up 6.16% to 4423, Dow Jones Industrial Average gained 5.5%, and the technology laden NASDAQ composite index increased 8.18%.
S&P 500 index rebounded once more from its 4200 support level and closed the week right above its 28 week EMA of 4452. We have discussed this scenario in the blogs two or three weeks ago. In order for the index to resume its uptrend, it has to first climb above the trend line (28 week EMA) resistance and secondly break above the 4600 resistance. Now that the first step has been completed and with the uncertainty from Fed's first interest rate hike behind us, we could see the index consolidating a couple weeks around the 28 week EMA after the sharp move and then challenge the 4600 resistance or even the 4800 all time high.
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| Weekly chart of S&P 500 index |
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