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 nudged upward for the second week under a slew of economy data and company earning reports. The positive reception to Apple's earning report on Thursday and the less-than-expected nonfarm payroll data on Friday morning boosted investor sentiments. The slowdown in the labor market and the monthly wage increase lessened the investors' worries about the inflation pressure. For the week, the S&P 500 went up 0.55% to 5127, the Dow Jones Industrial Average increased 1.14% and the Nasdaq composite index jumped 1.43%.
The S&P 500 index started the week on the weak side falling below its 50-day exponential moving average but crawled back above the EMA and ended up a bit higher than its opening price to close the week. The price action formed a hammer candle pattern on the weekly chart which is deemed to be bullish. However, The momentum indicator STO[15,1] of the index sits at 67.43, nestled between the overbought and oversold thresholds suggesting a sideway consolidation may be in store for the next few weeks. May is traditionally a weak month for stock markets as the adage, "Sell in May and go away" goes. It remains to be seen if this adage holds true for the S&P 500 this year.
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| The weekly chart of the S&P 500 index |
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