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| Weekly chart of S&P 500 index |
S&P 500 index broke above resistance at 2450 this week in weekly chart with momentum indicator reverse the downward direction. We will see if the index can stay above 2450 and resume its trend up in the next few weeks.
Fund Rankings Update, 7/14/2017
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.
Major indices reached new high while NASDAQ yielded the best results this week. For the week, S&P 500 index closed at 2459, up 1.41%, Dow Jones Industrial Average gained 1.04% and NASDAQ composite index increased 2.59%.
S&P 500 index broke above resistance at 2450 this week in weekly chart with momentum indicator reverse the downward direction. We will see if the index can stay above 2450 and resume its trend up in the next few weeks.
S&P 500 index broke above resistance at 2450 this week in weekly chart with momentum indicator reverse the downward direction. We will see if the index can stay above 2450 and resume its trend up in the next few weeks.
Fund Rankings Update, 7/7/2017
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.
Stocks were saved by better than expected job report on Friday that US added 220 thousand jobs in June. All major indices managed to stay in the positive territory after sharp drop on Thursday. For the week, S&P 500 index closed at 2425, up 0.07%, Dow Jones Industrial Average gained 0.3% and NASDAQ composite index increased 0.21%.
S&P 500 index fell to 2400 on Thursday but climbed back above its 50 days moving average right away on Friday. Short term support at 2400 on weekly chart appears to be strong enough to hold this digestion of gain so far. Weekly momentum indicator of the index is at the border of falling out the overbought region. As its momentum slowly decreasing, we expect S&P 500 index to continue this consolidation for another few weeks.
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| Weekly chart of S&P 500 index |
S&P 500 index fell to 2400 on Thursday but climbed back above its 50 days moving average right away on Friday. Short term support at 2400 on weekly chart appears to be strong enough to hold this digestion of gain so far. Weekly momentum indicator of the index is at the border of falling out the overbought region. As its momentum slowly decreasing, we expect S&P 500 index to continue this consolidation for another few weeks.
Fund Rankings Update, 6/30/2017
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.
Weakness in technology stocks pulled down the markets. For the week, S&P 500 index closed at 2423, down 0.61%, Dow Jones Industrial Average lost 0.21% and NASDAQ composite index decreased 1.99%.
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| Weekly chart of S&P 500 index |
Banking and healthcare sectors are the two strong sectors supporting the general markets while energy sector and technology sector dragged down the market. S&P 500 pulled back from 2450 and rebounded at 2400 this week. Its momentum indicator has come down a bit but the index is still way above its trend line. We maintain the same outlook as last week and expect some pulled back ahead.
Fund Rankings Update, 6/23/2017
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.
Energy stocks entered bear market territory while bank, health care and technology stocks showed some strength. For the week, S&P 500 index closed at 2438, up 0.21%, Dow Jones Industrial Average gained 0.05% and NASDAQ composite index increased 1.84%.
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| Weekly chart of S&P 500 index |
S&P 500 index has been trading in a narrow range near the top of the trading channel for the past 3 weeks. While its momentum is still in the high gear, we may see some healthy pulled back in the coming weeks. The overall uptrend is still intact and no major direction change is expected.
Fund Rankings Update, 6/16/2017
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.
It was a typical summer trading week. Federal Reserve raised interest rate as expected while US retail sales came in weaker than expected. As sell-off in technology sector continued, NASDAQ composite index lagged the other major indices. For the week, S&P 500 index closed at 2433, up 0.06%, Dow Jones Industrial Average gained 0.53% and NASDAQ composite index decreased 0.9%.
S&P 500 index eked out a small gain in the face of sell-off in technology sector. In the sETF and SELECT ranking tables, we can see the short term momentum indicator (SMI) of the software and computer related sectors has decreased in the last two weeks. Money rotated out of the technology sectors went into defensive sectors like health care , medical device and utility. With major indices, especially NASDAQ, over-extended themselves in May, we may see consolidation similar to the one in March and April continues.
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| weekly chart of S&P 500 index |
Fund Rankings Update, 6/9/2017
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 SELECT model portfolio: Sell FDCPX, Buy FSPTX
Without major economic news, it was a typical quiet summer trading week till Friday. Sell off in leading technology companies pulled NASDAQ composite index more than 100 points in a day, while S&P 500 index and Dow Jones Industrial Average closed the day flat. For the week, S&P 500 index closed at 2431, down 0.3%, Dow Jones Industrial Average gained 0.31% and NASDAQ composite index decreased 1.55%.
Without major economic news, it was a typical quiet summer trading week till Friday. Sell off in leading technology companies pulled NASDAQ composite index more than 100 points in a day, while S&P 500 index and Dow Jones Industrial Average closed the day flat. For the week, S&P 500 index closed at 2431, down 0.3%, Dow Jones Industrial Average gained 0.31% and NASDAQ composite index decreased 1.55%.
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| Weekly chart of S&P 500 index |
Even with sharp drop in prices of leading technology companies due to profit taking on Friday, S&P 500 still stays the course marching higher with high momentum. Outlook for S&P 500 index remains positive, as there is no deterioration in its technical picture.
Fund Rankings Update, 6/3/2017
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.
US job report showed increase of only 138,000 jobs in May, lower than expectation but major stock indices still trending higher. For the week, S&P 500 index closed at 2439, up 0.96%, Dow Jones Industrial Average gained 0.6% and NASDAQ composite index increased 1.54%.
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| Weekly chart of S&P 500 index |
S&P 500 index first reached the intra-week high of 2400 in February. After struggling for 11 weeks and several attempts, it finally closed above the 2400 resistance last week and advanced even higher this week. With the resistance behind its back, we expect the index to continue the uptrend and climb higher.
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