Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, nSSPP, SELECT, ETF, iETF, sETF have been posted at http://ycprankings.atspace.com/
Bad economy news beat out strong company earning reports again this week. Investors still worried about the breakdown of the economy recovery. The S&P 500 index closed this week at 1071 down 0.7%, the Dow Jones Industrial Average decreased 0.87%, while the Nasdaq composite index gained 0.29% for the week.
Technically, the S&P 500 index has been trading in a range and has a very strong resistance at the trend line level. As we can see in the chart below, the index has failed twice to break above the trend line in the past 2 months. It will take some heavy dose of good news to boost the index above its trend line.
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