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 HSA model portfolio: Sell VFTAX, Buy MEIKX
Trading signal occurs in iETF model portfolio: Sell EWT, Buy EWL
Stocks bounced back this week, snapping a four-week losing streak with their best week since early August, as dip buyers returned after last week's rout and the market looked past a hot inflation report and a shock resignation at Nvidia. Monday set the tone with a powerful rally — the S&P 500 up 2.3%, the Nasdaq 2.7% and the Dow 2.2% — as oil slid on President Trump's comments about Iran and investors bought the previous week's sell-off. Tuesday brought a reality check, with October consumer prices rising 0.4% against 0.3% expected and core prices up 0.3% for a third straight month, and Federal Reserve Governor Christopher Waller saying hours before the release that a half-point December rate hike should be considered if core inflation came in at 0.3% or higher, which pushed the 10-year Treasury yield toward 5% and left traders pricing a December hike as a near certainty. Wednesday brought another strong session as buyers looked past the inflation print, but Thursday delivered the week's biggest shock: Nvidia announced that founder and chief executive Jensen Huang had resigned effective immediately, with no reason given, and the stock plunged as much as 14% intraday to $148.80 before recovering to close down 4.3% at $166.19, while chief financial officer Colette Kress was named interim chief executive and the board began a search for a permanent successor ahead of Nvidia's earnings on Tuesday, November 17. Friday brought a second day of selling in chips, with AMD falling 8.8% to $534.06 and Broadcom down 4.8%, even as October producer prices rose a cooler-than-expected 0.3%, though up 6.5% from a year earlier, the largest annual gain since November 2022, while the 10-year yield climbed to about 5.15%, gold fell to a 13-month low near $3,879 an ounce, oil whipsawed on the Iran headlines with WTI ending the week near $89 a barrel, and the dollar touched its highest level since April 2025. For the week, the S&P 500 rose 2.5% to close at 7,562, the Dow Jones Industrial Average rose 2.1% to finish at 52,348, while the tech-heavy Nasdaq Composite rose, gaining 2.3% to settle at 25,136.
From a technical perspective, the week's rebound repaired some of last week's damage, with Friday's close of 7,562 reclaiming our 7,500 structural floor on a weekly closing basis — the line whose breach last week put our long-term "Hold" posture on watch — and the index snapping a four-week losing streak with its best week since early August. The S&P 500 still sits below its 10-day EMA near 7,567, its 20-day EMA near 7,601 and its 50-day EMA near 7,635, but it holds comfortably above its 200-day EMA near 7,370, and the Nasdaq, at 25,136, has climbed back to within about 9% of its October 6 record close of 27,600, out of correction territory. Overhead, the 7,600 zone and the 50-day EMA near 7,635 are the first resistance, with Wednesday's close of 7,619 and the November 4 close of 7,689 above them, and the 7,800 to 7,845 supply zone — the October 6 record close of 7,819 and the intraday record of 7,845 — still the wall the bulls must reclaim before our 7,850 target, and ultimately the 8,000 psychological level, come back into play. On the downside, the reclaimed 7,500 floor is now the first support, with the 200-day EMA near 7,370 below it and 7,037, the 10% correction line from the record close, beneath that. With the S&P 500 hovering around the 28-week EMA of 7490, our intermediate-term trend-following indicator remains in the "Sell" zone before a more sustainable rebound.
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| The weekly chart of the S&P 500 index |
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