Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, and sETF have been posted on "Rankings", and "Trading Logs" pages, as well as in http://ycprankings.awardspace.us/RankingTables.htm.
Stocks closed up broadly after FED hiked the interest rate by 0.25% as expected on Wednesday. Investors expect the Fed will pause the rate hike after the core personal consumption expenditures (PCE) price index increased only 0.2% in June, down from 0.3% in May. In addition, the soft landing scenario is looking firmer with the economic data released during the week: The second quarter GDP showed the US economy growing 2.4% much higher than the expected 1.8%, The durable goods orders increased by 4.7%, and the personal spending also rose by 0.5% in June. For the week, S&P 500 index went up 1.01% to 4582 Dow Jones Industrial Average gained 0.66%, while the technology-laden NASDAQ composite index increased 2.02%.
The positive technical structure of the S&P 500 index stays the same as last week. The index is 8% above its 28-week EMA with the STO [15,1] momentum indicator in the overbought region. We expect the index to reach an all-time high with some consolidations along the way to bring it closer to the 28-week EMA.
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| The Weekly Chart of The S&P 500 Index |
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