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.
Trading signal occurs in the SSPP model portfolio: Sell FIEUX, Buy FTRNX
Trading signal occurs in the ETF model portfolio: Sell EWW Buy IYW
This week, the stock market saw mixed performance, though positive momentum continued for many. The S&P 500 and Nasdaq Composite indexes both achieved new all-time highs. However, the Dow Jones Industrial Average experienced a slight dip. Driving the positive sentiment were robust quarterly earnings reports from major banks and generally favorable economic data. While inflation did accelerate, it aligned with market expectations. Specifically, the Consumer Price Index (CPI) rose by 0.3% in June, up from 0.1% in May. Annually, the CPI increased to 2.7% from 2.4% in May. Additionally, retail sales showed stronger-than-expected growth, climbing 0.6% in June after a 0.9% contraction in May. For the week, the S&P 500 gained 0.59% to close at 6296, and the Nasdaq Composite advanced 1.51%. In contrast, the Dow Jones Industrial Average edged down 0.07%.
The S&P 500 continued its upward trajectory last week, closing at another all-time high, largely propelled by the robust performance of large-cap and technology sectors. While the underlying uptrend and strong momentum remain intact, the index appears to be in a sideways consolidation phase. This pause is likely allowing its 28-week Exponential Moving Average (EMA) to catch up. Once this consolidation concludes, the S&P 500 is expected to resume its upward path.
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| The weekly chart of the S&P 500 index |
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