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 iETF model portfolio: Sell EWZ, Buy EWW
Stocks continued to march higher with S&P 500 index reaching a record high, the second one among the three major indices. The advance was narrow though focused on semiconductor sectors and artificial intelligence-related sectors. Data released during the week support the resilience of the economy but diminish the likelihood of a rate cut in March. The retail sales jumped 0.6% in October well above the expectation and the University of Michigan's consumer sentiment index reached the highest level in three years. For the week, the S&P 500 surged 1.17%, closing at 4839. The Dow Jones Industrial Average advanced 0.72%, and the Nasdaq shot up 2.26%.
The S&P 500 index broke the resistance and rocked to an all-time high of 4839 which is 7.3% above its 28-week exponential moving average. Given the index's significant deviation above its typical 5-6% trendline range, we anticipate sideways movement or even a slight pullback to consolidate recent gains in the coming weeks.
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| The weekly chart of the S&P 500 index |
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