Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted at http://sites.google.com/site/ycprankings
Weak economy data and bad job report make investor worry if the spring slowdown in the past 2 year is going to be repeated this year. S&P 500 index closed the week at 1553, down 1.01%, Dow Jones Industrial Average lost 0.09%, and Nasdaq composite decreased 1.95% for the week.
For the second week, the S&P 500 index failed to break the resistance at 1575. Timing wise, we are getting into the weaker seasonal April and May period, and next week is the start of earning report season. With the backdrop of weaker growth, companies are expected to report less stellar performance with conservative outlook. It is very likely that S&P 500 start to consolidate/correct on the downside from here.
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