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 IBB, Buy ILF
Trading signal occurs in sETF model portfolio: Sell IBB, Buy IEZ
Stocks experienced significant volatility this week as investors rotated out of the tech sectors and moved into cyclical and value-oriented segments. Concerns about overinvestment in AI and the returns on AI investments weighed heavily on investor sentiment. Economic data released this week painted a mixed picture of the US economy. Private sector employment (ADP) grew by only 22,000 in January, missing forecasts, and U.S. job openings fell to their lowest level since late 2020. On the contrary, manufacturing activity expanded at its highest level since 2022 (ISM PMI hit 52.6), marking the first expansion in a year. For the week, the S&P 500 edged down 0.1% to close at 6932, the Dow Jones Industrial Average shot up 2.5%, while the Nasdaq Composite index fell 1.84%.
The S&P 500 continued its sideways movement for another week with larger volatility. The index experienced severe rejection at the 7000 level at the beginning of the week and plunged to its 100-day EMA at around 6780 before rebounding back above its 20-day and 10-day EMAs. If the index can hold above the 10-day and 20-day EMAs after this quick recovery, there is a great chance that it will resume its broader upward trajectory.
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| The weekly chart of the S&P 500 index |
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