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 sETF model portfolio: Sell IAK, Buy ITB
Bullish sentiment propelled stocks higher this week, fueled by anticipation of rate cuts next year. The Fed's hint at three rate cuts in 2024, coupled with unexpectedly strong November retail data, painted a picture of a resilient economy and a potential soft landing. The S&P 500 soared 2.49%, Dow Jones climbed 2.92% and Nasdaq advanced 2.89%.
After three weeks of hovering near 4600, the S&P 500 finally punched through, closing above 4700 on a surge of momentum. This strong run has fueled speculation that the all-time high of 4818 might be within grasp by year-end. However, a word of caution: at 7.2% above its 28-week exponential moving average, the index is stretching beyond its typical 5-6% range. While further gains are possible, this parabolic move suggests proceeding with prudence.
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| The weekly chart of the S&P 500 index |
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