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 start the fourth quarter with a negative tone due to sharp rise in long term interest rate. Technology sectors and small cap stocks led the markets downward while energy sectors outperformed the market due to rising energy prices. For the week, S&P 500 index closed at 2853 down 0.97%, Dow Jones Industrial Average lost 0.04% and technology laden NASDAQ composite index decreased 3.21%.
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| Weekly chart of S&P 500 index |
S&P 500 index finally saw meaningful pull back after three months of advance. The index is still well above its 28 week moving average with momentum indicator STO[15,1] above 80. We think the index will see some minor consolidation in the next couple of weeks while maintaining its up trend.
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