Fund Rankings Update, 5/24/2019

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.

Trade war between US and China pushed the market downwards for the second week.  Technology sectors suffered the most as Trump administration blacklisted China telecommunication giant Huawei, which immediately stopped its business relationship with US technology companies.  For the week, S&P 500 index closed at 2826 down 1.17%, Dow Jones Industrial Average lost 0.69% and technology laden NASDAQ composite index decreased 2.29% for the week.

Weekly chart of S&P 500 index

S&P 500 index successfully tested its 28 week moving average again this past week as observed in the weekly chart. The index opened at 2841, fell down the the weekly low of 2801 and closed the week at 2826,  0.9% above its 28 week exponential moving average. The stochastic momentum indicator STO[15,1] has declined below the over sold threshold of 80 and continued to heading south. As S&P 500 index trying to stay above the trend line, we may see a rebound next week. If it fails to stay above the 28 week EMA, the next supports below 2800 are 2730 and  2650. Looking back to my blog on 4/5, I have expressed my concern about the rate of ascending of the index at that time and have mentioned about "Sell in May and walk away", which turned out to be the case. Market sentiment has been largely affected by geopolitical tensions and tweets lately and less by economic news and company earnings, we will see how they all play out in the next few weeks.