Fund Rankings Update, 7/27/2018

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.

Stocks finished the week mixed with industrial sectors moving higher while technology sectors under performed due to FaceBook's one day plunge of 19% in its stock price. Companies have reported solid second quarter earnings so far but cautioned the headwind to come due to tariffs and trade tension. US GDP also grew at a strong pace of 4.1% in the second quarter. However, most of economists think it is not sustainable and the growth in the 2nd half of the year will most like;y fall back to 3%.  For the week,  S&P 500 index closed at 2818 up 0.61%, Dow Jones Industrial Average gained 1.57% while technology laden NASDAQ composite index decreased 1.06%.

Weekly chart of S&P 500 index

S&P 500 index struggled to break out from 2800 level this week as observed in the weekly chart. The index was carried higher by its high momentum reaching closer to 2850 but went back down to 2818.  We may see some consolidation in the next few weeks if it fails to move decisively higher.