Fund Rankings Update, 5/27/2016

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.

Strong new home sales in April and upward revision of first quarter GDP propelled the equity markets for the second week.  Certainty about the rate hikes in the coming months indicated by Fed chair Janet Yellen also provided relief to the markets. For the week S&P 500 index closed at 2099, up 2.28%, Dow Jones Industrial Average gained 2.13% and the technology laden NASDAQ composite index increased 3.44%.

Weekly chart of S&P 500 index

 S&P 500 index bounced strongly off its 28 week moving average as seen in the weekly chart. Currently the index is at the round number resistance of 2100. Breaking above this level is key to reverse the intermediate down trend while this resistance level has been a very strong barrier for S&P index since last year. With high momentum and successful test of the support, the index looks to break the resistance in the next few weeks.