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 iETF model portfolio: Sell EWT, Buy EZA
Stocks closed mixed this week with the tech stocks dragged down by NVIDIA after its widely anticipated earning report. On the economic front, the core personal consumption expenditures (PCE) price index released on Friday morning showed prices rising only 0.2% in July and 2.6% year over year. Investors welcomed the data, which confirmed that inflation is easing and increased their confidence that the Federal Reserve will lower interest rates in September. For the week, The S&P 500 went up 0.24%, closing at 5648, the Dow Jones Industrial Average advanced 0.94%, and the Nasdaq composite index decreased 0.92%.
The S&P 500 index has approached its previous high of 5670. If the index closes above 5670 next week, a bullish "V" shape formation will be completed in the weekly chart and the index will continue its intermediate upward trend. As discussed before, a potential entry point will be after the index surpasses the previous high and then retraces back to retest the support at 5670.
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| The weekly chart of the S&P 500 index |
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