Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at http://sites.google.com/site/ycprankings
There was no celebration after presidential election on Wall street. Investors turn their attention right on the "fiscal cliff" and fear of the replay of the political gridlock last year. S&P 500 index closed the week at 1379, down 2.43%. Dow Jones Industrial Average lost 2.12%, and Nasdaq composite decreased 2.59%.
SP 500 index has fallen below the minor support of 1400, and is testing the support at 1370 level. Holding this support level is very important as it is also near the 200 day moving average. The best scenario for the index is to find a support at this level for the next couple of weeks and rebound from here. However, as the momentum of the index is deteriorating, it will take a lot of good news to reverse the slide.
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