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 advanced sharply as inflation data released Thursday showed headline price fell 0.1% in December and brought the year over year core consumer inflation to 5.7% the lowest pace in over a year. For the week, S&P 500 index went up 2.67% to 3999, Dow Jones Industrial Average gained 2.00%, and the technology laden NASDAQ composite index decreased 4.82%.
After testing 3800 support level three times, S&P 500 index advanced higher and broke above its 28 week EMA resistance as observed in the weekly chart below. In order for the bull run to continue, the index has to stay above its 28 week EMA (now the support) and advance higher above its previous high resistance of 4100 to make a higher high, higher low bullish pattern in the next few weeks.
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| Weekly chart of S&P 500 index |
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