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 rebounded sharply after three weeks of relentless selling induced by FED chair, Jerome Powell's hawkish speech at Jackson Holes symposium. Stocks rallied Wednesday as FED's “Beige Book” showing moderation of price increase. For the week, S&P 500 index went up 3.65% to 4067, Dow Jones Industrial Average gained 2.66%, and the technology laden NASDAQ composite index increased 4.14%.
S&P 500 rebounded from its 3900 short term support with its momentum indicator STO [15,1] climbing above 50. For the index to gain back its upward momentum, it has to break the following three resistance levels: The 28 week EMA trend line resistance at 4128, the stronger midterm resistance at 4200 and the resistance from the previous high at 4325. If the index can successfully reach these targets, we will have a highs lows and higher highs pattern to confirm the bullish trend.
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| Weekly chart of S&P 500 index |
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