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 iETF model portfolio: Sell EWY, Buy EWT
Stocks snapped a two-week losing streak, weathering a sharp mid-week sell-off after the Federal Reserve left the benchmark interest rate unchanged at 3.50% to 3.75% amid a hawk-heavy, split decision. Early-week sentiment was also weighed down by persistent skepticism surrounding AI capital expenditures, but the tone reversed sharply on Thursday following Microsoft’s stronger-than-expected cloud revenue growth. On the economic front, the Bureau of Economic Analysis (BEA) reported that the core Personal Consumption Expenditures (PCE) price index rose 0.1% in June—cooler than the 0.2% consensus estimate—bringing the year-over-year core rate down to 3.3% from 3.4% in May. Meanwhile, second-quarter GDP growth moderated to an annualized 1.5% rate, missing expectations of 2.1%. For the week, the S&P 500 gained 1.05% to close at 7,489.72, the Dow Jones Industrial Average added 1.04% to finish at 52,485, and the tech-heavy Nasdaq Composite jumped 1.59% to settle at 25,373.
From a technical perspective, the S&P 500 executed a clean test and defense of its underlying support structures. Wednesday’s dip to 7,316 successfully held well, setting up a sharp mean-reversion move that reclaimed the short-term 10-day and 20-day EMAs by Friday’s close. Looking above, the 7,500 level remains the short-term technical resistance. A clean, high-volume weekly close above this level is required to neutralize the recent corrective posture and open the path toward 7,700. On the other hand, the tested 7,200 level acts as a defender for any near-term pullbacks. With the index finishing the week at 7,489, our long-term structural trend indicators remain safely in a "Hold" posture with no sell triggers fired.
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| The weekly chart of the S&P 500 index |
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