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.
Investors' fear about a global trade war grew larger after Trump administration's announcement to impose tariff on Chinese import. As a result, stocks plunged sharply. For the week, S&P 500 index closed at 2588, down 5.95%, Dow Jones Industrial Average lost 5.67% and technology laden NASDAQ composite index decreased 6.54%.
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| Weekly chart of S&P 500 index |
High volatility usually ends up in sharp decline for stock prices, which can be seen in the recent development in weekly chart of S&P 500 index. The index failed to break the short term resistance at 2800 and closed below its 28 week moving average for the first time in more than a year. The momentum index is heading south and we think S&P 500 index may stay below the support line for a few weeks before volatility can go back to normal.
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