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 retreated as investors focused on high inflation data with Consumer Price Index (CPI) rose to 9.1% in June. Wall street now expect the FED will raise interest rate by 75 basis point in their July meeting. For the week, S&P 500 index went down 0.93% to 3863, Dow Jones Industrial Average lost 0.16%, and the technology laden NASDAQ composite index decreased 1.57%.
S&P 500 consolidated around 3800-3900 for another week but forming a bullish hammer candle stick pattern with a long wick and a short body. The index went down near 3720 in mid-week, but came back strong to finish the week a bit below where it stated with. The FED's next policy meeting is on July 26 and 27. Wall Street analysts have priced in a 0.75% rate hike from FED at that meeting, and we don't expect much stock movement before the announcement.
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| Weekly chart of S&P 500 index |
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