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 rallied for another week but major indices closed mixed. S&P 500 index and Nasdaq composite index closed with solid gains while narrowed Dow Jones Industrial Average index lagged the rest and showed a 0.15% loss. Investors were encouraged by Fed's 0.25% interest rate hike and its acknowledgment of slowdown in inflation. Better-than-expected earnings from Facebook, GM, UPS also boosted investors' sentiment. For the week, S&P 500 index went up 1.62% to 4136, Dow Jones Industrial Average lost 0.15%, and the technology laden NASDAQ composite index increased 3.31%.
S&P 500 index climbed higher reaching 4195 on Thursday, quickly retreated and ended up above its previous-high resistance (now the support) of 4100. The index has formed a higher high and higher low patter on the weekly chart indicating an onset of a bull trend. We expect that the index will go higher with the next resistance at 4325. However, with the index rising so fast, we may see some consolidation before it goes higher
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| Weekly chart of S&P 500 index |
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