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 HSA model portfolio: Sell PCRIX, Buy MLAIX.
Trading signal occurs in iETF model portfolio: Sell Cash, Buy EWZ.
Stocks rose in this holiday-shorten week with growth stocks leading the way. Economic data pointed to a slowing economy. Durable goods orders dropped 5.4% in October and companies shed jobs for the first time since 2020 according to an S&P Global survey. As signs of slowing economic growth appear and inflation fear subsides, treasury bond yields have retreated from their highs, boosting stock prices. For the week, the S&P 500 index climbed 1.0% to 4559, the Dow Jones Industrial Average rose 1.27%, and the technology-heavy Nasdaq composite index increased by 0.89%.
The S&P 500 index maintains its upward trajectory, aiming to break through the 4600 resistance level next week. Historical trends suggest that the index could experience a sideways consolidation period for the next two weeks before resuming its ascent toward all-time highs.
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| The weekly chart of the S&P 500 index |
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