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 as US debt ceiling negotiation between Biden administration and Republican congress leaders has not produced an agreement with June 5 deadline approaching fast. Technology sectors again outperformed the general markets with NVIDIA shares jump 24% due to surging AI chip demands . Investors focused more on Debt ceiling negotiation than potential interest rate hikes this week. The personal consumption expenditures (PCE) price index, Fed's preferred inflation gauge, went up a bit above expectation in April with year over year stood at 4.7%, which makes Fed more likely to raise interest rate again in June. However, the news failed to make a dent in traders positive sentiments. For the week, S&P 500 index went up 0.32% to 4205, Dow Jones Industrial Average lost 1.0%, and the technology laden NASDAQ composite index increased 2.51%.
S&P 500 index finally closed above 4200 resistance level after a few weeks of preparation. We will see if the index can stay above 4200 for another week to keep this rally going. As investment sentiment has turned more positive and investors are willing to take on more risk, growth stocks have come back in style. Three trading signals were issued in our model portfolios this week to replace their current holdings with the current number one funds in their respective ranking tables.
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| Weekly chart of S&P 500 index |
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