Fund Rankings Update, 5/5/2017

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.

Federal Reserve's decision to keep interest unchanged on Wednesday and better than expected job report kept stocks on the positive note. Technology laden NASDAQ composite index continued to outperform other major indices for the third week. For the week, S&P 500 index closed at 23994, up 0.63%, Dow Jones Industrial Average gained 0.32% and NASDAQ composite index increased 0.88%.

Weekly chart of S&P 500 index

S&P 500 tried and failed to break the 2400 resistance for the second week, but its momentum indicator has turned around and heading upwards again. Daily chart of S&P 500 index also showed that the index has been trading between 2380 and 2400 for two weeks. It is likely that we will see a break out next week. 

From SELECT and sETF ranking tables, we also observed strong momentum in technology sector and healthcare sector. The related sector funds have moved up in the rankings tables for the past six weeks, and have pushed NASDAQ composite index to all time high. With technology sector leading the way, it is likely the major indices will follow suit,  and that is consistent with our outlook earlier.