Fund Rankings Update, 5/4/2018

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.

Trading signal occurs in sETF model portfolio: Sell IAI, Buy IEO

Stocks began the week with a sell-off of of concern about higher interest rate and trade tension with China. However, stronger than expected quarterly earning from Apple and other technology companies boosted Nasdaq composite index. For the week,  S&P 500 index closed at 2663, down 0.24%, Dow Jones Industrial Average lost 0.2% while technology laden NASDAQ composite index increased 1.26%.

Weekly chart of S&P 500 index

It can be seen in the weekly chart that for the second week the S&P 500 index fell below 28 week moving average intra-week but ended up above the support line. Chart pattern agrees with our discussion last week that stocks are near the completion of its consolidation phase. The development of the stock market next week should provide us some clues about the direction of the S&P 500 index.