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 pulled back this week as treasury yields rose in response to positive economic data. The March ISM manufacturing index released Monday came in higher than expected and the job report released Friday indicated that the US added 303000 jobs well above the expected 200,000. These positive economic data have encouraged the Fed to take a wait-and-see attitude toward rate cuts and diminishing the likelihood of a rate cut in June. For the week, the S&P 500 fell 0.95% to 5024, the Dow Jones Industrial Average plunged 2.27% and the Nasdaq composite index went down 0.8%.
The S&P 500 index continued its sideway consolidation this week. The deviation from its 28-week EMA has been reduced to 7.5%. As discussed last week, the side-way consolidation is healthier and preferable than a sharp pull-back toward the trend line. Investors can reenter or take more risk when the trend line catches up with the index.
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| The weekly chart of the S&P 500 index |
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