Fund Rankings Update, 2/5/2016

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.

Lower oil prices and weakness in technology and biotech sectors drove down the stock markets. For the week S&P 500 index closed at 1880, down 3.1%, Dow Jones Industrial Average lost 1.59% while technology laden NASDAQ composite index decreased 5.44%.

Weekly chart of S&P 500 index

 S&P 500 index is trying to stabilize between 1875 - 1950 trading range in the weekly chart. The index is 6% below its sliding 28 week moving average. However, we can see the momentum indicator, STO[15,1], rebounded from the low of 20 it has reached 3 weeks ago. Last week, I mentioned about the start of bottom formation. More correctly, it should be the start of consolidation process as it is difficult to call this a bottom at this stage.  With the overwhelming bear sentiment, I also think this will be a long consolidation process.