Fund Rankings Update, 11/1/2019

Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, sETF have been posted in "Rankings", "Trading Logs" pages, as well as in  http://ycprankings.awardspace.us/RankingTables.htm.

Stocks rose for the fourth week and reached record high with Fed cutting interest rate on Wednesday and stronger than expected job report on Friday.  For the week, S&P 500 index closed at 3066 up 1.47%, Dow Jones Industrial Average gained 1.44% and technology laden NASDAQ composite index increased 1.74%

Weekly chart of S&P 500 index

S&P 500 index reached record high as discussed in the blog last week. The index is comfortably above its 28 week moving average, and its momentum index is in the oversold region marching higher. We expect that the overall trend represented by the 28 week moving average will continue advancing higher at the current rate. However, the rally is four week old and we may see some short term digestion in the next couple of week.