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.
Stock markets surged broadly this week after the Fed held interest rates steady on Wednesday and Treasury yields fell from 5% to 4.48%. The US economy added 150,000 jobs in October, below expectations, and the August and September data were revised down, indicating a cooling labor market. For the week, the S&P 500 index gained 5.85% to 4358, the Dow Jones Industrial Average rose 5.07%, and the technology-heavy Nasdaq composite index increased by 6.61%.
The S&P 500 index rallied for five consecutive days to start November strong, closing 1.2% above its 28-week exponential moving average. The momentum indicator, STO[15,1], rebounded sharply and crossed back above the 50 midpoint. To confirm the resumption of the uptrend, the index needs to complete two steps: first, close above the 28-week EMA trend line (which it has already done), and second, break the downward lower-highs, lower-lows market structure by closing above the 4394 level (the last swing high) to make a higher-high. It will be interesting to see if the index can accomplish the second step next week.
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| The weekly chart of the S&P 500 index |
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