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.
Geopolitical tension on North Korea and US bombing of Afghanistan pulled the market down in this holiday shorten trading week. For the week, S&P 500 index closed at 2328, down 1.13%, Dow Jones Industrial Average lost 0.98% and the technology laden NASDAQ composite index decreased 1.24%.
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| Weekly chart of S&P 500 index |
S&P 500 index is touching its short term support of 2325 and waiting for 28 week moving average to catch up as we have discussed last week. Its momentum indicator is heading downward and below the overbought region. We think the consolidation will continue before the index testing the moving average.
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