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 took a breather after five weeks of advance this week. Growth and large cap stocks outperformed the value and small cap stocks. Investors turned their focus back to interest rate hikes as Fed chair, Jerome Powell stated that there are hikes coming by the end of year to fight the stubborn inflation during his testimony before congress Wednesday. For the week, S&P 500 index went down 1.39% to 4348, Dow Jones Industrial Average lost 1.67%, and the technology laden NASDAQ composite index decreased 1.44%.
S&P 500 made a healthy consolidation this week. It has come down from last week's 7% to this week's 5.3% above its 28 Week EMA. The uptrend is still intact as long as the index stays above its 28 week EMA. The momentum indicator of the index has come down a bit but is still in over bought region. We expect the index to continue heading higher after completing consolidation in the next couple weeks.
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| Weekly chart of S&P 500 index |
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