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.
Stocks continued their advance after a short consolidation the week before. Small-cap and value stocks inverted their roles this week outperforming the growth and large-cap stocks. Inflation data released Friday showed a downside surprise giving investors a boost in sentiment. The personal consumption expenditures (PCE) price index increased 0.1% in May bringing the year-over-year increase down to 3.8%, the lowest level since April 2021. On the economic growth side, the first quarter GDP was revised upward to 2.0% from the previously estimated 1.3% showing the resilience of the economy and lessening the worries about the prospect of a recession in the second half of the year. For the week, S&P 500 index went up 2.35% to 4450, Dow Jones Industrial Average gained 2.02%, and the technology-laden NASDAQ composite index increased 2.19%.
S&P 500 looked to be forming a flag pattern and trading between 4300 to 4450 in the last three weeks. Once the top of the channel is broken, the next resistance levels are the 2022 March high of 4600, and the 4800 all-time high. We expect the index to continue heading higher after completing the flag pattern in the next couple of weeks.
 |
| Weekly chart of S&P 500 index |
No comments:
Post a Comment