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 SSPP model portfolio: Sell FOCPX, Buy FICDX
Trading signal occurs in HSA model portfolio: Sell DVZRX, Buy VFTAX
Stocks experienced a corrective pullback this week as investors confronted renewed inflation jitters and shifting macroeconomic expectations ahead of the September Federal Open Market Committee (FOMC) meeting. Early-week trading was weighed down by hotter-than-expected producer price data and a fresh wave of profit-taking across mega-cap technology names. Sentiment remained cautious as Treasury yields ticked upward, prompting institutions to lock in gains and reassess valuations following the strong summer advance. While mid-week dips saw mild dip-buying emerge around key technical thresholds, the broader market failed to gather sufficient upside momentum to reverse the weekly losses. For the week, the S&P 500 declined 0.8% to close at 7,656, the Dow Jones Industrial Average dropped 1.57% to finish at 52,573, and the tech-heavy Nasdaq Composite fell 0.66% to settle at 26,333.
From a technical perspective, the S&P 500 retreated from its recent consolidation range, testing the lower bounds of its short-term moving average structure. The index slipped below its 10-day and 20-day EMAs during the mid-week distribution, indicating a temporary cooling of near-term momentum. However, price action successfully held above the primary structural support zone near 7,600, keeping the intermediate uptrend framework intact for now. Looking ahead, the former support region around 7,720–7,750 now shifts back to immediate overhead resistance, while the multi-week floor at 7,500 remains the critical line in the sand for structural defense. With the S&P 500 closing the week at 7,656, 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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