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 continued to march higher with the S&P 500 index reaching another record high as preliminary US fourth-quarter GDP grew at a pace of 3.3% far exceeding the estimation of 2%. Data released Friday showed the tamed inflation market condition with the core personal consumption expenditure (PCE) price index rising 2.0% in the fourth quarter, in line with expectations and the Fed’s long-term target. For the week, the S&P 500 advanced 1.06%, closing at 4890. The Dow Jones Industrial Average increased 0.65%, and the Nasdaq went up 0.94%.
The S&P 500 index continued its rally reaching 4890 which is 7.8% above its 28-week exponential moving average. Although the index may keep marching higher toward 5000 (a psychological price target), the high deviation from the trend line warrants caution at this level.
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| The weekly chart of the S&P 500 index |
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