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 the week mixed with growth stocks outperforming the general markets. The US economy is still resilient and chugging along. University of Michigan's consumer sentiment index fell a bit in August but the labor market remains strong with the weekly jobless claims coming in at 320000, the lowest level in three weeks. On Friday, all attention turned to Fed Chair Jerome Powell's opening speech at the Federal Reserve's annual Jackson Hole symposium, which offers investors a clue about the Fed's future policy direction. However, no major policy shift was revealed this time as Powell's speech was still hawkish but more balanced. For the week, S&P 500 index went up 0.82% to 4405 Dow Jones Industrial Average lost 0.45%, and the technology-laden NASDAQ composite index increased 2.26%.
The S&P 500 index rebounded 0.82% after 3 weeks of sliding and is 2.8% above its 28-week exponential moving average. As we discussed in the blog last week, it will be very interesting to see if the index can stay above the trend line next week or if it will experience a sell-off plunging below the trendline and setting the stage for recovery.
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| The weekly chart of the S&P 500 index |
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