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 closed sharply higher this week, with the S&P 500 and Nasdaq Composite hitting fresh all-time highs as a tech-led rally outweighed persistent geopolitical anxieties. Investors have aggressively pivoted toward high-growth technology and AI-focused sectors as Q1 earnings confirmed that the massive spending on AI infrastructure is yielding tangible profit growth for cloud providers and semiconductor giants. Economic data released this week showed the robustness of the labor market despite the high energy costs and geopolitical instability. On Friday, the Bureau of Labor Statistics (BLS) reported that the U.S. added 115,000 jobs in April, well above the consensus expectations of a 55,000 to 65,000 gain. The unemployment rate remained steady at 4.3%, meeting market forecasts. Earlier in the week, the Department of Labor reported that weekly jobless claims totaled 200,000, which, while an increase from the prior week, came in below expectations. For the week, the S&P 500 gained 2.33% to close at 7,398, the Dow Jones Industrial Average finished essentially flat at 49,609, and the Nasdaq Composite surged 4.51%.
The S&P 500 index continued its powerful breakout this week, decisively clearing the 7,200 level and finishing just shy of the 7,400 mark. The index remains in a strong primary bullish trend, trading 8.4% above its 28-week exponential moving average. As the index is far above its trend line, we may see a period of sideways consolidation or a minor "back-test" of previous resistance in the coming week. The next major psychological targets are 7,450 and the 7,500 milestone. The primary support is now at the 7,200 breakout point. A failure to hold this level on a retracement would bring the 28-week EMA (currently near 6,820) back into focus.
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| The weekly chart of the S&P 500 index |
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