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.
Strocks pushed up by better than expected quarterly earning from JP Morgan on Friday in this otherwise quiet trading week. Companies will start reporting first quarter earnings next week and investors expect slower earning growth compared with first quarter last year. For the week, S&P 500 index closed at 2907 up 0.51%, Dow Jones Industrial Average lost 0.05% and technology laden NASDAQ composite index increased 0.57%.
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| Weekly chart of S&P 500 index |
In the weekly chart above, S&P 500 index looks to be pulled away from its 28 week morning average and starts to form a parabolic move in the last two week. Looking back at the end of 2017, the parabolic move started in late November and last for 9 weeks. S&P 500 index went 10% above its 28 week moving average before crashing hard back to its moving average. We do not know if the pattern will repeat or not this time, but caution is warranted as we move forward.
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