Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at http://sites.google.com/site/ycprankings
Stocks suffered the worst day of the year Friday due to continuing worries about European debt crisis and worst than expected US employment report. SP 500 index closed this week at 1278, down 3.02%. Dow Jones Industrial Average lost 2.7 % and Nasdaq composite index decreased 3.17%.
The technical rebound last week unfortunately did not materialized. The sharp drop on Friday made S&P 500 index fell below its 200 day moving average. If the index can not get right back above the support, we will have a long summer to endure. This pessimism outlook can be observed from the weekly chart as well. In the weekly chart of S&P 500 index, the index has closed below its 28 week moving average for 3 weeks, the momentum is below 20 in the oversold territory, and no sign of market reversal. Some good economy news are needed to excite this market.
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