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.
The S&P 500 advanced to a new high as tension deescalated in the Middle East and dovish comments about interest rates from from several Fedderal Reserves members. Data showed inflation ticked modestly higher in May. Economic data released during the week showed the inflation is tamed while economy is growing at a slower rate. The core personal consumption expenditures ( Core PCE) price index—the Fed’s preferred measure of inflation, rose 0.2% month over month and 2.7% year over year in May, slightly ahead of consensus estimates. The Flash U.S. Composite Output Purchasing Managers’ Index (PMI) released Monday came in at 52.8, down slightly from May’s reading of 53.0, indicating that the US economy continued to grow at the end of the second quarter. For the week, the S&P 500 rose 3.44% to 6173, the Dow Jones gained 3.82%, and the Nasdaq Composite jumped 4.25%.
The S&P 500 exhibited a strong bullish performance this week, reaching a new all-time high of 6173 on Friday. This upward trajectory indicates robust buying pressure and a clear continuation of the overarching uptrend. For the next couple of weeks, the technical outlook remains to the upside, with the immediate target being the next psychological level of 6200. While a minor pullback or consolidation could occur to digest these gains, any such dips are likely to be met with strong buying interest, as long as key support levels, such as the 10-day EMA and the 6100 former resistance (now support), hold firm.
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| The weekly chart of the S&P 500 index |
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