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 advanced solidly higher after debt ceiling agreement was reached, cleared huddles in both houses of congress and signed by Present Biden into law to avoid US default three days before deadline. On the economy front, non-farm payroll report released Friday showed that employers added 390K jobs in May, well above expectation while the unemployment rate also went up to 3.7% above the expected 3.4%. Investors interpreted favorably that the labor market is cooling which is good for the Fed to contain inflation while the economy is still strong enough and will more likely get into a soft landing rather than a recession later in the year. For the week, S&P 500 index went up 1.83% to 4282, Dow Jones Industrial Average gained 2.02%, and the technology laden NASDAQ composite index increased 2.04%.
S&P 500 jumped higher after closed above 4200 last week. With the index closing above the resistance level two weeks in a row, we can confirm the continuation of the uptrend since October, 2022. The index is currently near a 4280 - 4300 resistance level and may see some consolidation or small pull back. However, with the high momentum, we expect the index to break above the 4300 resistance and continue towards the next resistance level at 4500-4530.
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| Weekly chart of S&P 500 index |
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