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.
U.S. equities edged lower this week, with the S&P 500 and Dow Jones Industrial Average pulling back slightly from recent record peaks. Despite the negative bias, inflation data offered a silver lining: the Bureau of Labor Statistics reported core CPI gains of 0.2% monthly and 2.6% annually, both coming in cooler than anticipated. Additionally, the housing market showed unexpected strength as mortgage rates continued to soften. For the week, the S&P 500 fell 0.38% to close at 6940, the Dow Jones Industrial Average decreased 0.29%, and the Nasdaq Composite index went down 0.66%.
The S&P 500 moved sideways this week, finishing at 6,940—just 4 points shy of its opening. Encouragingly, the index held firm above 6,920, successfully flipping that previous resistance level into a new support. This period of healthy consolidation above 6,920 remains the primary catalyst needed for the index to begin its next leg toward the 7,200 target.
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| The weekly chart of the S&P 500 index |
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