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 EWW, Buy EWN.
Stocks marched upwards for another week as NASDAQ composite index reached a new record high. All eyes were on the core personal consumption expenditures (PCE) price index released Thursday. The index went up 0.4% month over month and 2.8% year over year, which aligned with expectations from Wall Street. For the week, the S&P 500 index advanced 0.95% to 5137. The Dow Jones Industrial Average decreased 0.11%, and the Nasdaq went up 1.74%.
The S&P 500 index continued to rally higher stepping closer to the potential resistance at 5200 level. The deviation to its 28-week exponential moving average has also grown to 9.5%. The rally has been very strong as the momentum indicator stayed at the extreme highs for weeks. We don't know how long the rally will last but historical trends suggest that the index will eventually return to its trendline so enjoy the rally while you can but be aware of the potential risk and trade accordingly.
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| The weekly chart of the S&P 500 index |
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