Trading signal occurs in HSA model portfolio: Sell NAESX, Buy FKASX
Trading signal occurs in SELECT model portfolio: Sell FSMEX, Buy FSELSX
Trading signal occurs in sETF model portfolio: Sell IHI, Buy IGN
Markets were dragged down by concern about global economy growth and bad start of earning report season with ALCOA reporting Q3 earning lower than expectation. Later in the week, bank stocks helped to support the markets with better than expected earning reports. For the week S&P 500 index closed at 2132, down 0.96%, Dow Jones Industrial Average lost 0.56% while technology laden NASDAQ composite index decreased 1.48%.
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| Weekly chart of S&P 500 index |
After failing to break the 2175 resistance level, S&P 500 index headed lower for consecutive weeks. Its momentum indicator has fallen below the over bought zone and is heading lower. The index is trying to stay above above its 28 week moving average and support level at 2125. More companies are reporting earning next week and we will see more volatility in stock price movement. The next support level is at 2050 if the current 2125 support can not hold.
Health care related sectors encountered a set back this week with Hillary Clinton's chance to become the next president of the United States got a boost after the second presidential debate. The effect was reflected in our sector fund rankings: In SELECT model portfolio, medical equipment sector fund, FSMEX, has fallen below rank 7 and is replaced with the number one rank fund, FSELX. In the sETF model portfolio, medical device sector fund, IHI, is replaced with networking sector fund, IGN.
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