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 went largely stagnant this week, with major indices delivering mixed performance. The small-cap and industrial sectors, which led the market the prior week, underperformed this week, while the tech sectors staged a comeback. On the economic data front, the Bureau of Labor Statistics reported that the unemployment rate rose to 4.6% in November, the highest level in over four years, while the inflation rate(CPI) unexpectedly cooled to 2.7% in November. For the week, the S&P 500 nudged up 0.1% to close at 6834, the Dow Jones Industrial Average decreased 0.67%, and the Nasdaq Composite index went up 0.48%.
The S&P 500 index remained range-bound for the third week, consolidating near the upper boundary of the flat trading channel. The index is currently bounded by the overhead resistance at 6920 and supported by the 28-week exponential moving average at 6526. As we enter the holiday-shortened Christmas week, all eyes are on whether a "Santa Claus Rally" will materialize to drive the index toward new year-end highs.
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| The weekly chart of the S&P 500 index |
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