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 SSPP model portfolio: Sell FTRNX, Buy FEMKX
Stocks closed the week mixed, driven by a tug-of-war between positive policy news and renewed monetary concerns. The major blue-chip indices, the Dow Jones Industrial Average and the S&P 500 index, eked out modest gains, largely fueled by the news on Wednesday that the US Federal Government Shutdown—the longest in history—officially ended. However, this optimism was significantly tempered by hawkish comments from several Federal Reserve officials later in the week. These statements cooled expectations for another interest rate cut in December, weighing heavily on the rate-sensitive Nasdaq Composite and small-cap indices, which both lost ground. For the week, the S&P 500 finished 0.08% higher to close at 6734, the Dow Jones Industrial Average gained 0.34%, while the Nasdaq Composite index slid 0.45%.
The S&P 500 index was noncommittal, consolidating within the range of the previous week. The index initially attempted to reclaim the lost ground from the previous week but failed to challenge the recent all-time high of 6920 and retreated from 6850. Although the selling pressure intensified later of the week, the index successfully defended the 50-EMA support around 6700 on Friday. The S&P 500 is currently at a critical technical juncture, holding onto its longer-term uptrend by defending the 50-day EMA. The next week's trading will be crucial to see if buyers can step in, pushing the index back towards resistance, or if the recent selling pressure breaks this key technical support.
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| The weekly chart of the S&P 500 index |
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