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 ETF model portfolio: Sell IBB, Buy EWW.
Stocks tried to stage a rebound this past week but late selling Friday afternoon wiped out all the gain from Wednesday and Thursday. S&P 500 index closed the week at 1414, up 0.16%, Dow Jones Industrial Average lost 0.11%, and Nasdaq composite decreased 0.19%.
SP 500 index closed this week near its short term support of 1400 again. In the weekly chart below, the index has broken its rising trend line although it is still above its 28 week moving average. A few weeks ago, I have pointed out that there is a minor support at 1400 and a stronger support at around 1370. Holding the support is key for trend continuation. Next Tuesday is the presidential election, it will be very interesting to see how markets react to the election outcome.
This week, ETF model portfolio has issued a trading signal to sell biotech index, IBB, and buy Mexico index fund, EWW. We can see from the ranking table that the momentum of international funds have gotten stronger while momentum of US sectors (except home construction sector) have gotten weaker in the past two weeks. We have held IBB for 290 days with a gain of 15.56%.
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