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 went up at the beginning of the week as tension with North Korea receded. However, political instability in White House darken investors' confidence with Dow Jones Industrial Average dropping 274 points on Thursday. For the week, S&P 500 index closed at 2428, down 0.65%, Dow Jones Industrial Average lost 0.84% and NASDAQ composite index decreased 0.64%
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| Weekly chart of S&P 500 ndex |
In weekly chart, S&P 500 index is going through redistribution phase. The STO momentum indicator falls below 80 and heading downward. The index is still above its 28 moving average which stands close to the intermediate term support of 2400. This up-trend has been 10 month old with 20% gain so far. It needs a healthy pull back to digest the gain and move higher.
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