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.
Stocks closed the final trading week of the year with a modest gain despite muted economic data. A sharp decline in the index of Mid-Atlantic manufacturing activity on Wednesday indicated the fastest pace of contraction since February, while an unexpected rise in the weekly jobless claims on Friday added a note of caution. Nevertheless, the major indices finished mostly positive: the S&P 500 edged up 0.32% to 4769, the Dow Jones rose 0.81%, and the Nasdaq inched 0.12% higher.
The S&P 500 capped the week with another round of sideways trading, lingering near its all-time high for the second consecutive week. Notably, the index remains elevated, sitting 7.2% above its 28-week moving average, which typically fluctuates within a 5-6% range. This deviation suggests underlying strength, but we anticipate a potential pullback before the index makes another attempt at challenging its record peak in early 2024.
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| The weekly chart of the S&P 500 index |
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