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 FEMKX, Buy FDSCX
U.S. stocks rallied broadly during the holiday-shortened week, lifting the S&P 500 and Dow Jones Industrial Average to fresh record highs. Market sentiment was bolstered by the report from the Bureau of Economic Analysis on Tuesday, showing that the US economy expanded more than expected, with the 3rd quarter GDP growing at a rate of 4.3% well above the consensus estimate of 3%. Elsewhere, the Conference Board reported that U.S. consumer confidence slid for the fifth month in December as the Consumer Confidence Index dropped to 89.1, well below the estimate of 91.5. Investors, however, largely look past the consumer data. For the week, the S&P 500 jumped 1.4% to close at 6929, the Dow Jones Industrial Average increased 1.2%, and the Nasdaq Composite index advanced 1.22%.
The S&P 500 has successfully broken through its 3-week consolidation pattern, securing a record close at 6,929 this week. By surpassing the critical 6,920 resistance level, the index has cleared the way for further gains. Should the 'Santa Claus Rally' maintain this momentum and hold 6,920 as new support next week, we anticipate a continued upward trajectory toward the 7,200 milestone.
 |
| The weekly chart of the S&P 500 index |
No comments:
Post a Comment