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 consolidated with small loss after big gain the previous week. Economic data showed US economy slowed but still in expansion territory. US added 390 K jobs in May more than the expected 320K, and the Institute for Supply Management’s (ISM’s) service sector activities fell but manufacturing activities accelerated in May. For the week, S&P 500 index went down 1.2% to 4108, Dow Jones Industrial Average lost 0.94%, and the technology laden NASDAQ composite index decreased 0.98%.
In the weekly chart, S&P 500 is trying to form a bullish flag pattern after big white candle the previous week. The index is near 4200 resistance and a continuation of the rally due to the pick up of momentum can push the index close to 4300, the 28 W EMA resistance, next week. As discussed in the past blogs, breaking the 4200 and 28W EMA resistance levels are the two critical steps for the index to reverse its downward bearish trend. Hopefully the index can slowly turn the tide and start the reversal in the month of June now that May is behind us.
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| Weekly chart of S&P 500 index |
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