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 HSA model portfolio: Sell MLAIX, Buy SEMTX
Major indices closed this holiday-shortened week mixed, with tech stocks outperforming the general market. Weaker-than-expected job data fuels the hope for a rate cut in September's Fed policy meeting, and tech stocks were supported by the less severe outcome of the Google antitrust trial. For the week, the S&P 500 advanced 0.33% to close at 6481, the Dow Jones Industrial Average fell 0.32%, and the Nasdaq Composite index rose 1.14%.
The S&P 500 index appears to be forming a rounded top pattern with resistance at 6500; however, the overall trend remains positive. If the index can break decisively and hold above the 6500 resistance, it would indicate another leg higher, aiming toward 6800. If the index fails to break the 6500 resistance, it will test the support at the 6100-6150 level.
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| The weekly chart of the S&P 500 index |