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 the week mixed as job data showed U.S. created 528K jobs in July more than double the expectation. Investors were relief about the state of economy on one hand but worried about FED's keeping its aggressive stance on interest rate on the other. For the week, S&P 500 index went up 0.36% to 4145, Dow Jones Industrial Average lost 0.13%, and the technology laden NASDAQ composite index increased 2.15%.
S&P 500 broke above its 28 week EMA this week after staying below the trend line for more than four months with momentum indicator STO [15,1] above 50 and rising. In the next few weeks, we expect the index to continue marching higher gaining more footing above the trend line and consolidate around 4200 level before another upward push.
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| Weekly chart of S&P 500 index |
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