Fund Rankings Update, 7/7/2017

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.

Stocks were saved by better than expected job report on Friday that US added 220 thousand jobs in June. All major indices managed to stay in the positive territory after sharp drop on Thursday.  For the week, S&P 500 index closed at 2425, up 0.07%, Dow Jones Industrial Average gained 0.3% and NASDAQ composite index increased 0.21%.

Weekly chart of S&P 500 index

S&P 500 index fell to 2400 on Thursday but climbed back above its 50 days moving average right away on Friday. Short term support at 2400 on weekly chart appears to be strong enough to hold this digestion of gain so far. Weekly momentum indicator of the index is at the border of falling out the overbought region.  As its momentum slowly decreasing, we expect S&P 500 index to continue this consolidation for another few weeks.