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 ETF model portfolio: Sell IYE, Buy IGV.
Stocks moved higher this week as falling treasury yields boosted investor sentiments. Economy data showed the inflation is subsiding and the economy is slowing down. The Commerce Department reported on Thursday that the Federal Reserve’s preferred inflation gauge, the core personal consumption expenditures (PCE) price index, rose 0.2% in October, a slowdown from September. Weekly jobless claims ticked down, but continuing claims jumped much more than expected to 1.93 million, their highest level since November 2021. For the week, the S&P 500 index climbed 0.77% to 4594, the Dow Jones Industrial Average rose 2.42%, and the technology-heavy Nasdaq composite index increased by 0.38%.
The S&P 500 index maintained its upward momentum, inching closer to the 4600 resistance level, which is currently just six points away. Over the next few weeks, we anticipate a period of sideways consolidation, with a positive bias.
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| The weekly chart of the S&P 500 index |
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