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 sETF model portfolio, Sell ITB, Buy IEO
Stocks recovered some of the loss ground after three weeks of selloff as investors responded to the positive company earning reports and the buying opportunities created by the recent slump in tech shares. Economy data released later in the week also boosted investors' sentiments. On Thursday, The Commerce Department reported that the US economy grew at an annual pace of 1.6% well below the estimated 2.5%, and on Friday it released the core personal consumption expenditures (core PCE) index of 2.82% month over month in March showing inflation continued its downward trajectory since October last year. For the week, the S&P 500 jumped 2.67% to 5099, the Dow Jones Industrial Average nudged up 0.67% and the Nasdaq composite index rebounded 4.23%.
The S&P 500 index rebounded sharply this week, climbing back above the key psychological level of 5,000. However, momentum indicators are now falling below the overbought threshold of 80, suggesting a potential pullback or consolidation period. We're closely watching the 4800 level, which remains critical support based on our previous analysis. The index's behavior around this level will be a key indicator of its near-term direction.
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| The weekly chart of the S&P 500 index |
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