Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at http://sites.google.com/site/ycprankings
As major stock indexes approached the key resistance level, stocks had the first down week since the beginning of the year. The SP 500 index closed this week at 1342 down 0.17%, the Dow Jones Industrial Average lost 0.47%, and the Nasdaq composite index decreased 0.06%.
From the weekly chart of S&P 500, we can see that this rally has been very strong, and its trending slope is similar to the rally we had in September 2010. The last rally ran into several head wind in 2011, struggled to consolidate above its trend line and ended up giving back all the gain it had. Without man made economic crisis and natural disaster, I expect this rally to last longer than the last one as economy picking up steam. However, the way up is not always a straight line, we will see some bumps along the way.
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