Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at http://sites.google.com/site/ycprankings
Stock markets closed mixed on good job report, bad consumer sentiment and no progress on "Fiscal Cliff" talk. S&P 500 index closed the week at 1418, up 0.13%. Dow Jones Industrial Average gained 0.99%, and Nasdaq composite, dragged down by Apple, decreased 1.07%.
Technically, S&P 500 index is in a good shape. The index has closed above its 28 week moving average consecutively for three weeks. Its stochastic momentum index has climbed above 50 this week. I would expect the market to keep trending higher if not for the prospect of "fiscal cliff." We have learned in the past few years that the stalemate and failure in the political process regarding the fiscal health of the country can disrupt the market violently in a short time. As we get closer to the cliff (23 days left), we should see the market volatility increases in the coming weeks.
No comments:
Post a Comment