Fund Rankings Update, 9/9/2016

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.

Dow Jones Industrial Average plunged more than 350 points on Friday due to jittery about interest rate hike. The one day plunge ended the flat trading for the last 7 weeks and handed stock markets the largest weekly loss since the beginning of the year. For the week S&P 500 index closed at 2127, down 2.39%, Dow Jones Industrial Average lost 2.2% and NASDAQ composite index decreased 2.36%.

Weekly chart of S&P 500 index

Instead of waiting for 28 week moving average to catch up, S&P 500 index plunged to meet the support as seen the weekly chart. Last week, we talked about S&P 500 index forming a rounded top pattern and expected consolidation phase to continue. As the index is near its support, we need to see how it reacts to the support level in the next two weeks to make judgement about its intermediate direction.