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 recovered from the loss last week with the tech sector leading the way. Inflation appears to be under control even though data released Thursday showed inflation is still stubbornly on the high side with the December consumer price index (CPI) rising 0.3% higher than the expected 0.2%. However, the producer price index (PPI) released Friday showed a drop of 0.1% in December making the core PPI with 1.8% for the whole year of 2023, which is within the Fed's target of 2%. Markets were also propelled by the health of the labor market as job data released Thursday showed 202000 people filed for initial jobless claims less than the expected 210,000. For the week, the S&P 500 surged 1.84%, closing at 4783. The Dow Jones Industrial Average advanced 0.34%, and the Nasdaq shot up 3.09%.
The S&P 500 index recovered from last week's loss and stayed 6.6% above its 28-week exponential moving average. The index may consolidate sideway for the trend line to catch up in the coming weeks. However, with the impressive high momentum and the index's proximity to its all-time high (just 0.7% away), we think it is very likely that the index will achieve a record high in the next two weeks.
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| The weekly chart of the S&P 500 index |
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