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 HSA model portfolio: Sell FKASX, Buy IUTIX.
Technical rebound occurred at the important 200 day moving average for all the three major indexes. SP 500 index closed this week at 1317, up 1.74%. Dow Jones Industrial Average gained 0.69%, and Nasdaq composite index increased 2.11%.
It is encouraging to see all the three major stock indexes managed to stay above their 200 day moving averages in the daily charts. We should see some short term rebound in the coming weeks to relieve the excess selling pressure. However, the momentum index of S&P 500 index is just about to enter the oversold area in its weekly chart. Longer term, we may see the index stay below or around its 28 week moving average for a few more weeks or a couple of more months before the index turns around.
Daily Chart of S&P500 index
Weekly Chart of S&P500 index
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