Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at http://sites.google.com/site/ycprankings
Weak economy news and rating downgrade of all the major US banks spooked investors and plummeted stock markets on Thursday. All major stock indexes lost more than 2% on Thursday wiping out the gain since Monday. SP 500 index closed this week at 1335, down 0.58%. Dow Jones Industrial Average lost 0.99%, while Nasdaq composite index still managed to increase 0.68%.
As seen in the weekly candle stick chart below, bulls and bears are fighting for control around the 28 week moving averages at 1338 with bears had the upper hand last week. The last candle shows the price action during the week: The index opened the week above the 28 week MA, bulls pushed the index to the high of 1370 while bears pulled it down to the low of 1325. Finally bulls came in but still failed to push the index back up and the index ended up closed at 1335, a bit below the 28 week MA. This type of candle (with long wick and short body) indicates the indecision of the market, and sometimes the short term pause or direction change.
No comments:
Post a Comment