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| Weekly chart of S&P 500 index |
Fund Rankings Update, 5/26/2017
Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted in "Rankings", "Trading Logs" pages, and http://ycprankings.awardspace.us/RankingTables.htm.
With no political news dragging behind, stocks powered ahead. S&P 500 index and Nasdaq composite index all reached record high. For the week, S&P 500 index closed at 2415, up 1.43%, Dow Jones Industrial Average lost 1.32% and NASDAQ composite index increased 2.08%.
Fund Rankings Update, 5/19/2017
Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted in "Rankings", "Trading Logs" pages, and http://ycprankings.awardspace.us/RankingTables.htm.
Trading signal occurs in iETF model portfolio: Sell INP, Buy EWP
Political turmoil shook Wall Street's confidence about economy policy reform from Trump administration mid-week. Major indices fell sharply on Wednesday with Dow Jones Industrial Average dropped more than 300 points in one day. However, markets recovered quickly Thursday and Friday and DJIA gained back two third of its loss. For the week, S&P 500 index closed at 2381, down 0.38%, Dow Jones Industrial Average lost 0.44% and NASDAQ composite index decreased 0.61%.
Again, S&P 500 index failed to closed above 2400 resistance in the weekly chart. The index broke above 2400 on Tuesday but fell off sharply right away Wednesday and closed below 2400 for the week. Even though the index still managed to stay above 28 week moving average, the failure to break the resistance and the increase in volatility do not bode well for the up-trend. A correction phase may be upon us, if the large intra-week swing continues.
Political turmoil shook Wall Street's confidence about economy policy reform from Trump administration mid-week. Major indices fell sharply on Wednesday with Dow Jones Industrial Average dropped more than 300 points in one day. However, markets recovered quickly Thursday and Friday and DJIA gained back two third of its loss. For the week, S&P 500 index closed at 2381, down 0.38%, Dow Jones Industrial Average lost 0.44% and NASDAQ composite index decreased 0.61%.
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| Weekly chart of S&P 500 index |
Again, S&P 500 index failed to closed above 2400 resistance in the weekly chart. The index broke above 2400 on Tuesday but fell off sharply right away Wednesday and closed below 2400 for the week. Even though the index still managed to stay above 28 week moving average, the failure to break the resistance and the increase in volatility do not bode well for the up-trend. A correction phase may be upon us, if the large intra-week swing continues.
Fund Rankings Update, 5/12/2017
Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted in "Rankings", "Trading Logs" pages, and http://ycprankings.awardspace.us/RankingTables.htm.
Trading signal occurs in HSA model portfolio: Sell BMCAX, Buy TGVAX
Boosted by Apple Computer, technology laden NASDAQ composite index outperformed other major indices for the fourth week. For the week, S&P 500 index closed at 2390, down 0.35%, Dow Jones Industrial Average lost 0.53% while NASDAQ composite index increased 0.34%.
Boosted by Apple Computer, technology laden NASDAQ composite index outperformed other major indices for the fourth week. For the week, S&P 500 index closed at 2390, down 0.35%, Dow Jones Industrial Average lost 0.53% while NASDAQ composite index increased 0.34%.
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| Weekly chart of S&P 500 index |
2400 appears to be a very strong resistance level for S&P 500 index. For the third week, the index has failed to close above 2400. As the momentum indicator is still heading upward, we will give it another week to see if the index can continue the run.
Fund Rankings Update, 5/5/2017
Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted in "Rankings", "Trading Logs" pages, and http://ycprankings.awardspace.us/RankingTables.htm.
Federal Reserve's decision to keep interest unchanged on Wednesday and better than expected job report kept stocks on the positive note. Technology laden NASDAQ composite index continued to outperform other major indices for the third week. For the week, S&P 500 index closed at 23994, up 0.63%, Dow Jones Industrial Average gained 0.32% and NASDAQ composite index increased 0.88%.
S&P 500 tried and failed to break the 2400 resistance for the second week, but its momentum indicator has turned around and heading upwards again. Daily chart of S&P 500 index also showed that the index has been trading between 2380 and 2400 for two weeks. It is likely that we will see a break out next week.
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| Weekly chart of S&P 500 index |
S&P 500 tried and failed to break the 2400 resistance for the second week, but its momentum indicator has turned around and heading upwards again. Daily chart of S&P 500 index also showed that the index has been trading between 2380 and 2400 for two weeks. It is likely that we will see a break out next week.
From SELECT and sETF ranking tables, we also observed strong momentum in technology sector and healthcare sector. The related sector funds have moved up in the rankings tables for the past six weeks, and have pushed NASDAQ composite index to all time high. With technology sector leading the way, it is likely the major indices will follow suit, and that is consistent with our outlook earlier.
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