Trading signal occurs in RSP model portfolio: Sell FNMIX, Buy 42625
In this light trading week before the labor day weekend, stocks managed to eked out a little gain with mixed economic data. Consumer expending increased for the fourth month in July while job growth failed to meet expectation. For the week S&P 500 index closed at 2179, up 0.5%, Dow Jones Industrial Average gained 0.52% and NASDAQ composite index increased 0.59%.
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| Weekly chart of S&P 500 index |
Although S&P 500 index closed higher this week, it is forming a rounded top pattern in the weekly chart. We expect the consolidation will continue as the index is waiting for the moving average to catch up.
A trading signal occurs this week in RSP model portfolio. The momentum ranking of Fidelity new market income fund, FNMIX, was pushed out of the holding threshold of 7th rank. The fund was replaced with the current #1 rank fund, SS emerging market index (42625). We have held FNIMX for 137 days with a gain of 7.41%.
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