Fund Rankings Update, 1/11/2019

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 rose for the third week as investors felt better about the progress of the trade talk with China and largely ignored the effect from government shutdown which is into its third week as well.  For the week, S&P 500 index closed at 2596 up 2.54%, Dow Jones Industrial Average gained 2.40% and technology laden NASDAQ composite index increased 3.45%

Weekly chart of S&P 500 index

S&P 500 index continued its rebound from 200 week moving average at 2350 and marching toward its first resistance at 2600 - 2650. The index closed right below the resistance and we will soon find out if it is forming a "W" shape bottom formation. The next resistance after the 2600-2650 resistance is the 28 week moving average currently at 2690. However, it may come down to 2650 level to make it even stronger. We will find out the interaction between the index and these resistance levels in the next couple weeks.