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 finished a volatile week on a strong note, as Friday's surprisingly weak September jobs report cooled fears that the Federal Reserve would raise interest rates again at its late-October meeting. The 10-year Treasury yield touched a fresh 24-year high of 5.35% earlier in the week, keeping pressure on rate-sensitive corners of the market, but payrolls of just 29,000 — far below the roughly 90,000 expected — slashed the market-implied odds of an October hike from nearly two-in-three a week ago to about one-in-five. Technology and AI-related names led Friday's rebound, with Nvidia reaching a new all-time high and Tesla jumping 4.6% on better-than-expected third-quarter deliveries. For the week, the S&P 500 slipped 0.3% to close at 7,723, the Dow Jones Industrial Average fell 1.3% to finish at 51,177, while the tech-heavy Nasdaq Composite bucked the trend, rising 0.5% to settle at 27,191.
From a technical perspective, the S&P 500 remained firmly in its high-level digestion base, closing within 1% of its August record high despite Thursday's spike in long-term yields to their highest levels in 24 years. The index finished the week above its 20-day EMA near 7,680 and its 50-day EMA near 7,638, with the averages positively aligned in a constructive 20-over-50-over-200 configuration, and Friday's close sat above the 7,692 volume-profile high, keeping buyers in control of the intermediate trend. A decisive breakout above the August 13 record of 7,799 would re-ignite the primary uptrend toward the 7,850 target, with the 8,000 psychological level in play on an extended move. On the downside, the 7,600 zone continues to serve as immediate technical support, backed by our primary structural floor at 7,500. With the S&P 500 settling at 7,723, our long-term structural trend-following indicators remain firmly in a "Hold" posture with no sell triggers fired.
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| The weekly chart of the S&P 500 index |