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 CSMUX, Buy MLAIX
US major indices closed mixed with technology and growth stocks outperforming the general markets. Enthusiasm about Artificial Intelligence continued to propped up tech sectors and the favorable inflation data released during the week boosted growth stocks. On Wednesday, the Labor Department reported that the May CPI (Consumer Price Index) was flat month over month and the core CPI was 0.2% month over month, 0.1% below expectation. On an annual basis, the CPI was 3.3 % year over year which was also 0.1% below expectation. In addition, data released on Thursday by the Labor Department showed that the May core Produce Price Index (PPI) was flat month over month, significantly below the expected 0.3% and the PPI was -0.2%, way below the expected +0.1%. Although these data were released after the Fed's decision to hold the interest rate steady for now and may have only one cut this year, investors hoped the progress in inflation could soften the Fed's future decision. For the week, the S&P 500 advanced 1.58% to 5431, the Dow Jones Industrial Average decreased 0.54%, and the Nasdaq composite index shot up 3.24%.
The S&P 500 continued its strong run this week, climbing 1.58%. The index remains well above its 28-week exponential moving average, indicating that its upward momentum is strengthening. We are optimistic that the index will hit its next target of 5500 soon.
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| The weekly chart of the S&P 500 index |
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