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 flat to mildly higher this week, buoyed by unexpectedly positive economic data. Friday's jobs report revealed the US added 199,000 jobs in November, significantly exceeding expectations of 180,000. Additionally, the unemployment rate decreased to 3.7% from 3.9% in October, further highlighting the economy's strength. Consumer sentiment also surged, with the University of Michigan's preliminary December gauge jumping to 69.4, exceeding expectations of 62.4, likely fueled by easing inflation concerns. These positive developments contributed to modest weekly gains, with the S&P 500 rising 0.21% to 4604, the Dow Jones Industrial Average climbing 0.01%, and the Nasdaq composite advancing 0.69%.
The S&P 500 index moved sideways to let its 28-week exponential moving average catch us as shown in the weekly chart below. It has reached and closed above the 4600 resistance level with strong momentum. As discussed in the previous blog, we expect the index to resume its upward trajectory after this short-term consolidation.
 |
| The weekly chart of the S&P 500 index |
No comments:
Post a Comment