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 ETF model portfolio: Sell IYW, Buy IBB
Major indices closed the week mixed after the Fed cut the interest rate by 0.25%. The small-cap and industrial sectors outperformed the broader market, while the tech sectors experienced a slump. The focus of the week lies on the Fed's policy meeting, which concluded with a 025% cut as expected. However, the Fed's statement after the meeting indicated only one more cut coming in the next year, which weighed on investors' sentiment. For the week, the S&P 500 declined 0.63% to close at 6827, the Dow Jones Industrial Average increased 1.05%, while the Nasdaq Composite index fell 1.62%.
Despite a Federal Reserve rate cut, the S&P 500 was unable to sustain its push, peaking at 6903 before finishing the week at 6827. The index failed to break the critical resistance level identified last week at the previous high of 6920. The next two weeks are crucial: if the index cannot close above 6920, we anticipate a pullback to test support at 6520 and the 28-week Exponential Moving Average at 6503. A breach below the established support structure would confirm a trend reversal.
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| The weekly chart of the S&P 500 index |
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