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 modestly higher as investors waiting for Fed's rate announcement next Wednesday. US weekly jobless claims went up to 261,000, higher than expected. Data released Tuesday also showed the contraction in service sector and decline in service price, which bolster the expectation that Fed will skip the rate hike in the upcoming meeting. For the week, S&P 500 index went up 0.39% to 4298, Dow Jones Industrial Average gained 0.34%, and the technology laden NASDAQ composite index increased 0.14%.
S&P 500 continued its uptrend and closed 2 points below its 4300 psychological resistance. Our technical outlook stay the same as last week: The index may see some consolidation or small pull back here but with the high momentum, it is well on its way towards the next resistance level at 4500-4530.
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| Weekly chart of S&P 500 index |
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