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 marched broadly higher after two weeks of pauses. The S&P 500 and Nasdaq composite both reached new record highs after the Federal Reserve left interest rates unchanged at its policy meeting on Wednesday. The Fed still anticipates cutting rates three times by the end of the year. The S&P 500 climbed 2.29% to 5234 for the week, while the Dow Jones Industrial Average increased 1.97% and the Nasdaq composite index went up 2.85%.
Following two weeks of sideways consolidation, the S&P 500 index surged higher, decisively breaking above the previously discussed 5170 resistance level. The next resistance level is 5340, 2% above where it is right now. With the high momentum, the index appears poised to continue its upward climb.
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| The weekly chart of the S&P 500 index |
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