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 continued to consolidate for the second week. S&P 500 index closed the week at 1406 down 0.32%. Dow Jones Industrial Average lost 0.51%, and Nasdaq composite index decreased 0.09%.
On Friday, Fed chairman Bernanke hinted on more quantitative easing to boot US economy, although provided no definitive action plan. The speech was enough to provide a relief rally on stock markets Friday. From the weekly chart of S&P 500, the momentum is still in the high range, and the index still managed to close above the psychological barrier of 1400. The key now is whether it will break the resistance at 1425 to head higher.
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