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 ended up flat this week after four weeks of solid gains. Concern about global economy slowdown pulled market down at the beginning of the week after International Monetary Fund revised down it forecast of global growth from 3.7% to 3.5%. Markets recovered at the end of the week as companies reported better than expected earnings and a deal was reached between Democrats and Republicans to reopen the government for three weeks. For the week, S&P 500 index closed at 2664 down 0.22%, Dow Jones Industrial Average gained 0.12% and technology laden NASDAQ composite index increased 0.11%
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| Weekly chart of S&P 500 index |
Trend line resistance appears to be very strong as S&P 500 index failed to march above its 28 week moving average for the second week as observed in the weekly chart. However, the stochastic momentum indicator, STO[15,1], of S&P 500 has crossed above 50 and heading higher. The index has momentum to advance higher but bumped into strong resistance. We think the index may take a couple weeks to digest its lofty gain in the past four weeks and move higher afterwards.
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