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.
With commodity prices and oil prices came down substantially in the recent weeks and better than expected second quarter earning reports from some prominent companies, stocks climbed higher for the past week: S&P 500 index went up 2.55% to 3961, Dow Jones Industrial Average gained 1.95%, and the technology laden NASDAQ composite index increased 3.33%.
S&P 500 broke the consolidation pattern and closed above the 3900 upper bound formed in the last 5 week. If the index can hold it above 3900 after the Fed raises the interest rate next week in its policy meeting, we will see the index challenging its 28 week EMA resistance. With the rising momentum indicator which has climbed above over-sold region in the last 3 weeks, we may see the index breaking above its trend line the first time after more than 3 months.
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| Weekly chart of S&P 500 index |
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