Fund Rankings Update, 3/27/2015

Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted in "Rankings", "Trading Logs" pages, and  http://ycprankings.awardspace.us/RankingTables.htm.

Economic data showed that the 4th quarter GDP grew at 2.2% while corporate profit decreased by 0.8%. Worries about slowing economy and impact from strong dollar pushed the major stock indices down and erase most of the gain for the year. For the week, S&P 500 index closed at 2061, down 2.63%, Dow Jones Industrial Average lost 2.29%, and Nasdaq composite index decreased 2.69%.  

In the weekly chart, S&P 500 index looks to be trading between 2040 - 2120. It is currently traded at the lower end of the channel and near its 28 week moving average. The up trend is still intact as the index is still above the moving average support level. However, the volatility is high as market is looking for direction and the earning report season is approaching.

Weekly chart of S&P 500 index

Two weeks ago we thought that oil price was very likely to fell below the $43 support and may have difficulty forming a "W" bottom. As shown in weekly chart below, oil price briefly went down below $43 but pulled itself right back and has formed a "W" bottom with support at $43 and resistance at $55. The momentum is still very weak but is trying to break out from the over sold condition. There is a good chance for $WTIC to break the $55 resistance and reach the resistance from its 28 week moving average. 

Weekly chart of light crude oil price