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 largely moved sideways with a negative tilt this week as President Trump announced several new country-specific tariffs. Brazil faced a substantial 50% tariff, while Canada was hit with 35%. Japan and South Korea each received 25% tariffs, and other Southeast Asian nations were subject to varying levels of levies. With the July 9th deadline for the reciprocal tariff pause now expired, markets anticipate more country-specific tariffs in the coming weeks. For the week, the S&P 500 fell 0.31% to 6257.9, the Dow Jones shed 1.02%, and the Nasdaq Composite decreased 0.08%.
The S&P 500 took a breather this week, essentially closing where it began. This period of sideways consolidation suggests a healthy digestion of recent gains rather than a fundamental shift in market sentiment. Crucially, the index remains well above its 28-week exponential moving average (EMA), signaling that its strong underlying momentum and clear uptrend are still intact. With these technical indicators aligning, the S&P 500 appears to be on track to march toward our 6500 Fibonacci target.
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| The weekly chart of the S&P 500 index |
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