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.
Major indices closed mixed for the week as quarterly earning report season come to an end. Technology stocks outperformed the general markets while financial sector underperformed. Weaker than expected April consumer price which rose 4.9% failed to boot investor sentiment as concern about health of reginal banks and US debt ceiling negotiation between Biden administration and congressional leaders prevailed. For the week, S&P 500 index went down 0.29% to 4124, Dow Jones Industrial Average lost 1.11%, whiled the technology laden NASDAQ composite index increased 0.4%.
S&P 500 index formed a directionless doji pattern as it closed a bit below where it stated at the beginning of the week. The index is still consolidating above its 28 week EMA with strong momentum. May and June are seasonally weak months for stocks and this year is no exception. We just have to be patient and wait for some cartelists to provide conviction to the market.
 |
| Weekly chart of S&P 500 index |
No comments:
Post a Comment