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 FEMKX timing system: Sell Cash Buy FEMKX
Stocks marched higher as tamed inflation data and positive annual GDP gave hope for soft landing to investors. The core personal consumption expenditures (PCE) price index rose 4.4% year over year which is at the slowest pace in over a year and the US Commerce Department released the GDP data that showed U.S. economy grew at an annualized rate of 2.9% than the 2.6% expected. For the week, S&P 500 index went up 2.47% to 4070, Dow Jones Industrial Average gained 1.81%, and the technology laden NASDAQ composite index increased 4.32%.
S&P 500 index broke the 4000 psychological resistance while retreated at the 4100 previous high resistance. The technical picture of S&P 500 index remains the same: As the index is gaining momentum shown in the weekly chart below, it is likely that the index will climb higher above its previous high resistance of 4100 in the next few weeks.
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| Weekly chart of S&P 500 index |
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