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.
Trading signal occurs in SELECT model portfolio: Sell FSENX, Buy FSPCX.
Trading signal occurs in FEMKX timing model: Sell Cash, Buy FEMKX.
Stocks closed broadly higher as the October consumer price index released Tuesday came in lower than expected. Economic data not only showed the moderation of inflation but also the resilience of the economy. On Wednesday, the Commerce Department reported that retail sales in October fell 0.1%, better than expected. For the week, the S&P 500 index gained 2.24% to 4514, the Dow Jones Industrial Average rose 1.94%, and the technology-heavy Nasdaq composite index increased by 2.37%.
The S&P 500 index continued to march higher surpassing its first resistance at 4500 as we mentioned in the previous blog. The index's momentum indicator has also soared above the overbought threshold of 80. Given the strong momentum, we anticipate that the index will soon surpass its previous swing high and regain its record high of 4800.
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| The weekly chart of the S&P 500 index |
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