Fund Rankings Update, 9/18/2015

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.

Stocks continued to go higher at the beginning of the week due to strong retail sales and rebound in oil prices. However, the Fed's decision to not raise interest rate on Thursday caused concern about the stablility of the global economy. Stocks plunged Thursday and Friday, and ended up mostly lower for the week. For the week S&P 500 index closed at 1958, down 0.15%, Dow Jones Industrial Average lost 0.3% while Nasdaq composite index ended up a bit higher by increasing 0.1%.

Weekly chart of S&P 500 index

 A "shooting star" pattern showed up in the weekly chart of S&P 500 index this week. The index briefly broke the 2000 resistance level but succumbed to selling pressure and closed the week a bit below the opening price.  The reverse pattern indicates that the negative sentiment in the market remains strong and traders are waiting for opportunity to sell their holdings. As discussed in the last couple blogs, we expect the index to remain below the 28 week moving average for another 4 or 5 weeks before most of the selling dissipates.