Fund Rankings Update, 12/24/2015

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 climbed higher along with a bounce in oil prices in this holiday-shorten week to give investors a Christmas gift.  Oil prices rallied on the news that US rig count continued to decrease and the inventory went down surprisingly. Economy data released during the week also booted the rally in stocks as new home sales rose and jobless claims declined in November. For the week S&P 500 index closed at 2060, up 2.76%, Dow Jones Industrial Average gained 2.47% while NASDAQ composite index increased 2.55%.

Weekly chart of S&P 500 index

In the last four weeks, S&P 500 index has been slowly making lower low and lower high with declining momentum as seen in the weekly chart.  However, the index is in a short term rebound phase due to oversold condition, which propelled it back above the 28 week moving average. As the short term rebound working against the downward bias from intermediate term down trend, we expect the index to move side way with downside support at 2000 and upper resistance at 2100 around its 28 week moving average for the next couple of weeks.