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 took a breather in this holiday-shorten week. The market opened for only half a day on Monday and closed the whole day for Tuesday's Fourth of July holiday. Investors' sentiment was weighed on by minutes from the last Federal Reserve policy meeting released on Wednesday, which indicated that the Fed sees more rate hikes coming at a slower pace. However, cooler labor data released on Friday showing the US added 209000 non-farm jobs in June modestly below expectation provided some comfort to investors. For the week, S&P 500 index went down 1.16% to 4398, Dow Jones Industrial Average lost 1.96%, and the technology-laden NASDAQ composite index decreased 0.92%.
S&P 500 continued to form the flag pattern trading between 4300 and 4450 we discussed last week. As the index is well above its trend line with great momentum, our positive expectation stays the same: The index will reach the previous all-time high of 4800 level once the top of the channel is broken.
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| The weekly chart of the S&P 500 index |
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