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 advanced higher, with the technology sector and small-cap stocks outperforming the broader market. Investors' sentiment was boosted by positive earnings from AI-related companies and employment data. Job data reported by the Labor Department showed the US added 139,000 jobs in May, down from 147,000 in April but better than the 130,000 expected. For the week, the S&P 500 rose 1.5% to close at 6000, the Dow Jones gained 1.17%, and the Nasdaq Composite increased 2.18%.
The S&P 500 index broke out from the consolidation pattern in the last three weeks and closed above both the previous high of 5968 and the psychological resistance of 6000. As discussed in the last blog, the index has not only broken the high of last week's inside bar but also the previous high with strong momentum. This bullish development indicates that the index is marching toward a new all-time high.
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| The weekly chart of the S&P 500 index |
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