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 continued their rallies broadly this week with small-caps companies leading the way. Investors' sentiments were supported by the positive inflation data. Consumer Price Index released on Thursday by the Labor Department went down 0.1% in June making it the first decline since May 2020. For the week, the S&P 500 climbed 0.87%, closing at 5615. The Dow Jones Industrial Average gained 1.59%, and the Nasdaq composite index went up 0.25%.
The S&P 500 index is currently 8.6% above its 28-week exponential moving average and continues to march higher. The index is at an all-time high and any bad news can trigger large swings. Our next target level for the index is 5700, but caution is needed as market corrections can occur without warnings.
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| The weekly chart of the S&P 500 index |
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