Fund Rankings Update, 11/02/2018

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.

Strong company earnings and better than expected job reports help the markets to recover from sharp plunge a week before. US economy added 250,000 jobs in October well above the forecast.  However, the implication of rising wages and labor shortage have made investors worry about the sustainability of economy growth. For the week, S&P 500 index closed at 2723 up 2.42%, Dow Jones Industrial Average gained 2.36% and technology laden NASDAQ composite index increased 2.65%.

Weekly chart of S&P 500 index

S&P 500 index spent another week below its 28 week moving average in the weekly chart. In the daily chart, we can observe that the index went down to a level near March-April low and rebounded to close the week below its 200 day moving average. It is very likely that the index on a daily basis  will test the low at 2600 level again, and a defensive position is a better choice during this market correction phase.