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 for the third week with all major indices posted solid weekly gains. Investors were relieved as the bank turmoil receded and the inflation appeared to cool down as personal consumption expenditure price index for February coming in at 4.6% below the expectation. For the week, S&P 500 index went up 3.48% to 41090, Dow Jones Industrial Average gained 3.22%, while the technology laden NASDA composite index increased 3.37%.
From weekly chart below, S&P 500 index has solidly closed above its 28 week exponential moving average as well as the psychological resistance level of 4000. Its momentum indicator has turned positive and heading higher. As the index has formed a higher low formation, we expect it to continue marching higher to form a higher higher bullish pattern in the next few weeks.
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| Weekly chart of S&P 500 index |
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