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 FEMKX timing system: Sell Cash, Buy FEMKX.
Stocks closed mixed for the week with the S&P 500 index and Nasdaq composite index making another all-time high while the Dow Jones Industrial Average suffered the worst setback since April. The focus and the major driving factor of the tech stocks is the quarterly earning report from AI-giant NVIDIA on Wednesday after the market close. NVIDIA stock went up more than 9% after reporting a 262% increase in quarterly revenue and a 629% increase in quarterly earnings over last year, handsomely beating Wall Street's expectations. The boost from NVIDIA did not translate into broader markets as economic data showed the economic growth rebound in May which raised the speculation for the Fed to wait longer before cutting the interest rate. For the week, the S&P 500 went up 0.03% to 5304, the Dow Jones Industrial Average decreased 2.33% and the Nasdaq composite index advanced 1.41%.
The S&P 500 index closed the week before the long weekend almost flat indicating that it is searching for a direction at this record high junction. We think the index will continue to march higher as the index is 6.6% above its 28-week EMA, within the historical norm, and its momentum indicator is high in the overbought region. The next levels ahead are the 5340, and 5500 from the Fibonacci analysis.
 |
| The weekly chart of the S&P 500 index |
No comments:
Post a Comment