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 experienced a week of high-level consolidation as investors navigated a flurry of mixed signals from the Federal Reserve and ongoing geopolitical uncertainty. The release of the Federal Reserve’s May FOMC minutes mid-week revealed that a majority of officials are now open to potential interest-rate increases if inflation remains stubborn. This "hawkish" pivot, coupled with the absence of a breakthrough in U.S.-Iran negotiations, kept markets on edge. However, the energy sector's resilience and a steady stream of solid earnings reports provided enough support to keep the major indices near their recent record peaks. For the week, the S&P 500 gained 0.83% to close at 7473, the Dow Jones Industrial Average increased 2.13%, and the Nasdaq Composite rose by 0.45%.
The S&P 500 continues to hold its ground at the upper end of its bullish channel. Despite the mid-week dip, the index reclaimed the 7,400 level by Friday’s close, suggesting that buyers remain active on any meaningful pullback. The primary technical ceiling remains at the 7,500–7,520 zone. A clean weekly close above this level is required to initiate the next leg toward 7,650. The short-term support still lies at the 7,200, which represents the prior breakout junction. If the index slips below this on a closing basis, the next major support zone is the 7,000 level, which is the previous high and aligns with the 28-week EMA.
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| The weekly chart of the S&P 500 index |
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