Fund Rankings Update, 12/7/2018

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 declined sharply as elevated volatility persisted.  Trade dispute with China and concern about economy slowdown dominate the sentiment of investors.  For the week, S&P 500 index closed at 2633 down 4.60%, Dow Jones Industrial Average lost 4.5% and technology laden NASDAQ composite index decreased 4.93%.

Weekly chart of S&P 500 index

S&P 500 index fell sharply after the attempt to break above its resistance this past week. The index is clearly in the bear market with trend line sloping downwards as seen in the weekly chart, and the weekly momentum indicator, STO, going back down toward the oversold region. Holding the support at 2620 level is the best we can hopeful for now. Our market outlook has turned negative since beginning of November when the index failed to close above its 28 week moving average. It will remain negative before the index breaking and closing above its resistance.