The Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, and sETF have been posted on the "Rankings", and "Trading Logs" pages.
Stocks closed the volatile week higher as President Trump announced a pause of the reciprocal tariffs for 90 days at the last minute on Wednesday to allow for negotiations. However, the trade war with China escalated as China retaliated with 125% tariff on US goods against US's 145%. The inflation data for March also provided comfort to investors. The core CPI rose 0.1% from February, the lowest in nine months. For the week, the S&P 500 rose 5.7%, closing at 5363, the Dow Jones Industrial Average rebounded 4.95%, and the Nasdaq Composite jumped 7.29%.
The S&P 500 experienced a sharp rebound after hitting a low of 4835, closing the week at 5363. This followed a two-stage decline from 6147 (first leg to 5504, second leg to 4835). The index's close above the key 5000 support level, along with its momentum indicator exiting oversold territory, suggests potential trading within the 5000-5500 range. Aligning with last week's analysis, a "W" bottom formation and a break above EMA resistance will be key signals for long-term buying opportunities.
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| The weekly chart of the S&P 500 index |
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