Fund Rankings Update, 6/16/2017

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.

It was a typical summer trading week. Federal Reserve raised interest rate as expected while US retail sales came in weaker than expected. As sell-off in technology sector continued, NASDAQ composite index lagged the other major indices.  For the week, S&P 500 index closed at 2433, up 0.06%, Dow Jones Industrial Average gained 0.53% and NASDAQ composite index decreased 0.9%.

weekly chart of S&P 500 index

S&P 500 index eked out a small gain in the face of sell-off in technology sector. In the sETF and SELECT ranking tables, we can see the short term momentum indicator (SMI) of the software and computer related sectors has decreased in the last two weeks. Money rotated out of the technology sectors went into defensive sectors like health care , medical device and utility. With major indices, especially NASDAQ, over-extended themselves in May, we may see consolidation similar to the one in March and April continues.