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 rallied after mid-term election as investors cheers for gridlock government. However oil prices continued to slide lower making investors wondered if a global economy slowdown is on the horizon. For the week, S&P 500 index closed at 27813 up 2.13%, Dow Jones Industrial Average gained 2.84% and technology laden NASDAQ composite index increased 0.68%.
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| Weekly chart of S&P 500 index |
S&P 500 index has rebounded for two weeks. The index broke above its resistance mid-week but failed to stay there and ended up close the week below its 28 week moving average. With the failed attempt and weak momentum, it is likely that the index may come down to retest its support at 2600 level again.
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