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 moved higher with all major indices reaching new record highs for another week. The Federal Reserve Board, at the conclusion of its policy meeting on Wednesday, announced the widely anticipated first rate cut of 0.25% in the past nine months. The interest rate-sensitive small-cap and technology sectors were boosted by the announcement and outperformed the general market. For the week, the S&P 500 advanced 1.22% to close at 6664, the Dow Jones Industrial Average rose 1.05%, and the Nasdaq Composite index jumped 2.21%.
Based on the S&P 500's weekly chart, the index is gaining momentum and appears to be approaching the 6750 resistance level. As it climbs, the deviation from its 28-week exponential moving average has increased to 8.0%. This growing divergence from the long-term average suggests a need for caution as the market nears this key resistance point.
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| The weekly chart of the S&P 500 index |
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