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 went sideway as higher than expected consumer price index released on Tuesday weighed on investors' sentiments. The January CPI went up 0.3% higher than the 0.2% expected by economists and the core CPI went up 0.4% in January making it 3.9% year-over-year, far above the Fed's 2% target. The high inflation data have dashed investors' hope for a rate cut in March. For the week, the S&P 500 index retreated 0.42% to 5005. The Dow Jones Industrial Average decreased 0.11%, and the Nasdaq went down 1.34%.
The S&P 500 index took a break this week after surging 5 consecutive weeks. The index dipped 0.42% below last week's close but still closed above the 5000 mark. This consolidation has helped narrow the gap between the index and its 28-week exponential moving average, from 9.3% to 8.2%. As the index still possesses extremely high momentum, we hope the index to continue its sideway consolidation to bring the deviation back to the historical norm and then make the next leg up, instead of a quick and deep pullback to its trend line.
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| The weekly chart of the S&P 500 index |
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