Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at http://sites.google.com/site/ycprankings
Effects from European debt crisis have impacted company performance as reported in the company earning announcements. Most of the companies also expect the slow down to last to the end of the year. This negative outlook caused 6 consecutive down days in Wall Street before Friday's big rally to save the week. SP 500 index closed the week at 1356, up 0.16%. Dow Jones Industrial Average gained 0.04%, while Nasdaq composite index decreased 0.98%.
The silver lining in this market full with negative sentiment is that in the weekly chart, the momentum of S&P500 index is still above 50 and rising. The index, after spending most of the week below its 28 week moving average, closed the week above the support. As the support holds, it may grind higher from here.
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