Fund Rankings Update, 10/26/2018

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.

Concern about global economy growth and disappointing reports from US company quarterly earnings drove market downward. S&P 500 index and NASDAQ composite index both fell to correction territory, more than 10% from their highest level.  For the week, S&P 500 index closed at 2658 down 3.94%, Dow Jones Industrial Average lost 2.97% and technology laden NASDAQ composite index decreased 3.78%.

Weekly chart of S&P 500 index

Technically, the S&P 500 index is heading downward with momentum indicator fell to over sold region. As the index closed below its 28 week moving average, the once support line becomes the resistance. The negative sentiment overwhelmed the positive as index shows no sign of breaking though its resistance last week (high of the week did not even touch the 28 week moving average). From the weekly chart, we expect a few more down weeks before the index stabilize itself. 

One note on the trading signal in RSP model portfolio last week: The adjustment looks to be a correct call from hindsight. The AMI of the number 1 ranked fund in the RSP ranking table last week fell below 0 and Conserv Income Fund took the number 1 spot this week.