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 rebounded from the sell-off last Friday. Reduced trade tension between the US and China, and dovish comments from Fed officials appeared to calm investors' anxiety. Better-than-expected earnings reports from the banking sector also boosted market sentiment. For the week, the S&P 500 advanced 1.7% to close at 6664, the Dow Jones Industrial Average went up 1.56%, and the Nasdaq Composite index rose 2.14%.
The S&P 500 is currently in a sideways consolidation, signaled by the weekly candle being completely engulfed by the previous week's. The next weekly candle is critical to the index's immediate direction. A close above this week's high confirms a continued rally toward the 6900 target, while a close below this week's low indicates a pullback to the 6400 or 6200 support levels. However, as long as the index holds above its 28-week exponential moving average, any pullback should be viewed as a healthy, short-term pause in the uptrend.
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| The weekly chart of the S&P 500 index |
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