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 took a pause in their advance this past week, logging their first weekly loss in four weeks despite the previous week's positive momentum. The market, particularly the tech-heavy Nasdaq, pulled back from recent records amid jitters over stretched valuations and the sustainability of the AI rally. The Federal Government Shutdown also weighed in on investors' sentiment as it has reached its longest, with no end in sight. The impact of the shutdown has started to affect people's daily lives, notably the reduction in passenger flights due to a shortage of air controllers. For the week, the S&P 500 finished 1.63% lower to close at 6728, the Dow Jones Industrial Average lost 1.21%, and the Nasdaq Composite index fell 3.04%.
The S&P 500 pulled back significantly this past week, failing to maintain the 6900 level it had successfully reached in the previous week. The index's sharp rejection at the 6900 signaled a potential shift in the short-term technical landscape. The S&P 500 now appears to be correcting from the overbought conditions noted in the prior analysis. The focus has now shifted to finding a near term stable support at the 6650-6700 area for buyers to defend and prevent a full reversal of the recent uptrend.
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| The weekly chart of the S&P 500 index |
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