Fund Rankings Updates, 10/12/2018

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 fell sharply with Dow Jones Industrial Average plunged more that 800 points on Wednesday. Sell off continued to Thursday with DJIA shed another 460 points.  Rising interest rates, trade tension with China were identified as root causes by investors even though they were discounted when the markets were on the way up.  For the week, S&P 500 index closed at 2767 down 4.10%, Dow Jones Industrial Average lost 4.19% and technology laden NASDAQ composite index decreased 3.74%.

Weekly chart of S&P 500 index

S&P 500 index plunged sharply this past week similar to the pattern it encountered in February. A slow steady up tend ended up in a sharp sell-off. While S&P 500 index closed above its 28 week moving average in February, it failed to stay above the trend line this time. It is critical to see if the index can climb back above its 28 week moving average next week. If the index experiences another down week below its 28 week moving average, we may see a long correction consolidation phase.