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.
Market volatility remained in a high gear in the past week. Interest rate fear calmed down a bit while worries about trade friction arose. President Trump's announcement on raising tariffs on steel and aluminum imports raised fear about a trade war that will hurt global economy and plunged the markets. For the week, S&P 500 index closed at 2691, down 2.04%, Dow Jones Industrial Average lost 3.05% and technology laden NASDAQ composite index decreased 1.08%.
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| Weekly chart of S&P 500 index |
S&P 500 index went back down to briefly test the 28 week moving average during last week while still closed above the trend line as shown in the weekly chart. As we have discussed last week, the index is forming a W shape pattern. We expect the volatility to remains high and the index will test the trend line again. Hope the support is strong enough in the next few weeks.
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