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 extended their gains this week, driven by positive investor sentiment following encouraging inflation figures released on Friday. The headline Consumer Price Index (CPI) for August registered at 3.0%, a favorable outcome that came in below the expected 3.1%. Furthermore, the month-over-month core CPI also surprised to the downside, clocking in at 0.2% for August, which was lower than consensus estimates of 0.3%. This tame inflation data has boosted expectations that the Federal Reserve may implement a rate cut as early as next week. For the week, the S&P 500 advanced 1.91% to close at 6791, the Dow Jones Industrial Average went up 2.2%, and the Nasdaq Composite index rose 2.31%.
The S&P 500 has successfully recovered the losses incurred two weeks ago, closing at yet another record high. This decisive move confirms the continuation of the current rally, setting the stage for a push toward the 6900 target. With the index holding firmly above the 28-week Exponential Moving Average (EMA) and demonstrating exceptionally strong momentum, our positive outlook for the S&P 500 remains firmly intact.
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| The weekly chart of the S&P 500 index |
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