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.
Major indices closed the week mixed with Dow Jones Industrial Index managing a gain while S&P 500 index and NASDAQ composite index suffered a loss. Investors were puzzled by the conflicting inflation data released on Thursday and Friday: the Consumer Price Index (CPI) in July went up 0.2 % a tick below the expectation but the Producer Price Index (PPI) in July went up 0.3% a tick above the expectation. For the week, S&P 500 index went down 0.31% to 4464 Dow Jones Industrial Average gained 0.62%, while the technology-laden NASDAQ composite index decreased 1.9%.
S&P 500 index continued to head towards its 28-week exponential moving average which stood at 4270 this week. The index is 4.5% above its 28-week, bringing it within a more reasonable range. The momentum indicator, STO[15,1], has come down from the overbought and quickly heading downward. Our expectation is that the pullback will continue but the overall uptrend is still intact. An up-trend with digestion and pullback along the way to build support levels is a lot better than a non-stop rise and sharp plunge at the end.
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The weekly chart of the S&P 500 index |
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