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 HSA model portfolio: Sell VFTAX, Buy CSMUX
Stocks advanced for the third week with light trading volume as Wednesday's market saw the third lightest trading volume day of the year. Economic calendars were not as busy either with only initial jobless claims and the University of Michigan consumer sentiment index released on Thursday and Friday respectively. Higher initial jobless claims and lower consumer sentiment all pointed to a slow economy and softer labor markets. For the week, the S&P 500 went up 1.85% to 5222, the Dow Jones Industrial Average increased 2.16% and the Nasdaq composite index jumped 1.14%.
With the strong advance, the S&P 500 index is closing in on its all-time high of 5265. Next week is critical in determining the index's direction: A decisive move above the 5265 and holding there would signal the continuation of the up-trend while a rejection at 5265 could create a double-top bearish formation on the weekly chart.
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| The weekly chart of the S&P 500 index |
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