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 advanced higher to start September and close the losing August. The labor market shows signs of cooling as the unemployment rate climbed from 3.5% to 3.8% in August and new job openings fell by 338,000 in July unexpectedly. In light of these economic data, the expectation that the FED will forgo the interest rate hike for the rest of the year increases giving sentiment a boost. For the week, the S&P 500 index went up 2.50% to 4515, the Dow Jones Industrial Average gained 1.43%, and the technology-laden NASDAQ composite index increased by 3.25%.
The S&P 500 index rebounded higher staying above its 28-week exponential moving average, and its momentum indicator also climbed back to the overbought region. We will need the index to close higher than its previous high of 4607, making a higher high pattern, in the next few weeks to confirm the resumption of the uptrend.
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| The weekly chart of the S&P 500 index |
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