Fund Rankings Update, 10/20/2017

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.

Brighter prospect of a tax reform by the end of the year as Senate passed the budget resolution boosted major indices into another record high.  For the week, S&P 500 index closed at 2575, up 0.86%, Dow Jones Industrial Average gained 2.0% while NASDAQ composite index increased 0.35%.

Weekly chart of S&P 500 index

S&P 500 index has moved decisively higher after indecision the week before as shown in the weekly chart. The momentum indicator is at the extreme overbought region and appears to carry the index even higher. However, the speed of advance for this rally is faster than the trend line since mid August and the index is currently at 5% above its 28 week moving average. Caution is warranted as short term pull back may be quick and intense.