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.
Trading signal occurs in RSP model portfolio: Sell CONINC, Buy 05087
Stocks advanced higher for another week as comment from FED chair Jerome Powell indicated slower pace for interest rate hikes going forward. The positive mood was dampen a bit Friday as November employment data showed US added 260K jobs better than the 200K expected by economists, which complicated the FED's effort to slow down the economy and bring inflation lower. For the week, S&P 500 index went up 1.13% to 4071, Dow Jones Industrial Average gained 0.24%, and the technology laden NASDAQ composite index increased 2.09%.
Continuing from last week, S&P 500 index closed above its 28 week EMA with ascending momentum. The 28 week EMA is now acting as a support line instead of resistrance. We think the index will continue heading higher for another few weeks and come back testing the support. A successful retesting will indicate the trend reversal.
Another trading signal was issued this week in RSP model portfolio to move from defensive cash position to LSV large cap value fund. With this trading signal all the model portfolios are out of cash positions.
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| Weekly chart of S&P 500 index |
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