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 RSP model portfolio: Sell FDGRX, Buy 05084
Stocks closed lower with small caps outperforming the general market. Anxiety about the disrupted nature of AI weighed on investors' sentiments, which led to a sharp rotation out of high-growth tech sectors. Economic data released this week showed the resilience of US economic growth with cooling inflation. On Wednesday, the Bureau of Labor Statistics (BLS) reported that the US added 130,000 jobs in January, significantly above expectations. The unemployment rate also declined to 4.3% from 4.4% in December. On Friday, the BLS also reported that the consumer price index (CPI) rose 0.2% month over month and 2.4% year over year in January, below consensus estimates and down from December’s readings of 0.3% and 2.7%, respectively. For the week, the S&P 500 went down 1.39% to close at 6836, the Dow Jones Industrial Average fell 1.23%, and the Nasdaq Composite index decreased 2.1%.
The S&P 500 index continued its sideways movement with negative bias, trading in the lower end of the 6800-7000 trading channel. The index has successfully tested its 100-day EMA again this week. To resume the upward trajectory, the index has to close above its 20-day and 10-day EMAs and ultimately above its 7000 resistance. However, if it fails to hold the 6800 support zone, we may see a further test of the 6700 psychological level.
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| The weekly chart of the S&P 500 index |
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