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 amid the busiest week of company earning reports. The advance was narrowly focused on a handful of companies though. Microsoft, Google, and AMD saw their stock prices get hammered after weak guidance while Amazon and Meta saw their stock prices rocket higher after strong performances. On Wednesday, the FED left the interest rate unchanged as expected in its policy meeting. However, the FED chair stated that it is unlikely to lower the interest rate in March during his post meeting conference. His views were reinforced after the report released Friday that the US added 353,000 jobs in January significantly higher than the 185,000 expected. For the week, the S&P 500 advanced 1.38%, closing at 4958. The Dow Jones Industrial Average increased 1.43%, and the Nasdaq went up 1.12%.
The S&P 500 index continued to march toward the 5000 psychological price target. Its deviation from the 28-week exponential moving average has reached 8.5%. We have signaled our caution in the last couple of blogs as the price will eventually come back to meet its trendline. Portfolio asset rebalance to take some profit and reduce risk should be a wise move at this juncture.
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| The weekly chart of the S$P 500 index |
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