Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at http://sites.google.com/site/ycprankings
Trading signal occurs in sETF model portfolio: Sell IEZ Buy CASH.
The upward momentum at the start of the week turned sour as consumer confidence is at its worst level since April 2009, and the economy did not generate any job growth in August. The S&P 500 index closed this week at 1173 down 0.4%, the Dow Jones Industrial Average lost 0.39%, and the Nasdaq composite index increased 0.02%.
Technically there is a resistance around 1250 in weekly chart of S&P 500 index. The index closed at 1220 on Wednesday and failed to broke the resistance in the subsequent attempts because of the weak momentum. From the price action in the past few weeks, we may see the index stay in the trading range of 1120 and 1250.
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