Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at http://sites.google.com/site/ycprankings/
Uncertainty due to Japan's nuclear crisis dragged down the stock market for another week. The S&P 500 index closed this week at 1279 down 1.92%, the Dow Jones Industrial Average fell 1.54%, and the technology laden Nasdaq composite index suffered a loss of 2.65% for the week.
In the last blog post, I pointed out that stock market is due for a technical consolidation or correction. If you look at the weekly chart of S&P 500 index below, you can see that the price is heading down toward the trend line and its momentum (STO[15,1]) is declining fast. Holding at the support will be the key to keep this rally going and we shall see how things develop in the next few weeks.
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