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 SELECT model portfolio: Sell FDCPX, Buy FBIOX
Stocks experienced a pullback this week as investors digested mixed macroeconomic signals and absorbed minutes from the latest Federal Open Market Committee (FOMC) meeting. Market tone turned cautious early in the week following strong retail sales data and higher Treasury yields, which tempered previous optimism surrounding potential Federal Reserve policy easing. Midweek release of the FOMC minutes reinforced a "higher-for-longer" interest rate sentiment, leading to profit-taking across mega-cap technology and broad-market indices. Sentiment stabilized slightly on Friday after data showing that U.S. business activity accelerated in August and the S&P Global Flash Composite Purchasing Managers’ Index (PMI) rose to 56.0 from 54.5 in July. For the week, the S&P 500 declined 1.43% to close at 7,674, the Dow Jones Industrial Average dropped 0.85%, and the tech-heavy Nasdaq Composite fell 2.05%.
From a technical perspective, the S&P 500 pulled back from its prior record highs, testing a short-term moving average. Despite slipping below its 10-day EMA during the midweek sell-off, the index held firmly above key structural support level near 7,600, keeping the broader intermediate uptrend intact. The 7,850 level remains the primary overhead resistance target for bulls looking to resume the primary trend. At the same time, initial technical support now rests at the 7,600–7,640 zone, followed by primary structural support down at 7,500. With the S&P 500 settling safely at 7,674.37, our long-term structural trend indicators remain 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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