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 surged ahead on the back of the strong earning reports from the AI chipmaker, NVIDIA. On the economic data front, the initial jobless claims came in below expectation and S&P Global's purchasing managers’ indexes (PMIs) rose respectively to 51.5, the highest in 17 months. The tight labor market and the strength of the economy have prompted the FED to take a wait-and-see stance in cutting interest rates. For the week, the S&P 500 index advanced 1.66% to 5088. The Dow Jones Industrial Average increased 1.3%, and the Nasdaq went up 1.4%.
The S&P 500 index continued to rally higher after taking a short pause last week. The deviation to its 28-week exponential moving average has grown back to 9.2%. As the index continues to make new highs, it is difficult to estimate where the next resistance level will be. Applying Fibonacci retracement suggests a potential resistance level at 5164. However, uncertainty remains in the market's future trajectory.
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| The weekly chart of the S&P 500 index |
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