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.
The stock market kicked off the second half of the year on a positive note, reaching another record high. This rally was fueled by investor anticipation of an interest rate cut from the Federal Reserve in September. Weaker-than-expected economic data, including manufacturing and service PMI readings on Monday and Wednesday, as well as the soft June jobs report released Friday, pointed to a slowing economy. The S&P 500 climbed 1.95% for the week, closing at 5567. The Dow Jones Industrial Average gained 0.66%, and the Nasdaq composite index surged 3.54%.
The S&P 500 has continued its strong performance, reaching new record highs. This momentum could propel the index toward our next target level of 5700 with ease, but caution is still warranted as market corrections can occur even during bullish trends.
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| The weekly chart of the S&P 500 index |
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