Fund Rankings Update, 1/31/2020

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.

Trading signal occurs in SSPP model portfolio: Sell FPBFX, Buy FBGRX
Trading signal occurs in ETF model portfolio: Sell IBB, Buy IYW
Trading signal occurs in iETF model portfolio: Sell EWT, Buy IOO
Trading signal occurs in RSP model portfolio: Sell FLPSX, Buy FDGRX
Trading signal occurs in FEMKX timing model: Sell FEMKX, Buy Cash

Stocks moved sharply lower amid growing concern about the decline of global travel and economic activities due to the outbreak of coronavirus.  Stronger than expected earning reports from Apple, MicroSoft, and Amazon helped to support the technology sectors.  For the week, S&P 500 index went down 2.12% to 3225, Dow Jones Industrial Average lost 2.53% , and the technology laden NASDAQ composite index decreased 1.76%. 

S&P 500 index started the week with a gap down and bounced off 3245 support level. It failed to break the short term resistance level of 3280 in mid-week and closed the week at the lower end of the support level at 3225.  We expect the pull-back to continue but not clear on the intensity and duration. Looking down, we have a weak support at 3125 and a stronger support at 3020, which are 3 % and 6.3% respectively from where we stand now. 

The pull-back in the last two weeks has so far caused the momentum rankings and position changes in all our ranking tables except SELECT rankings. In addition, FEMKX timing model has signaled a defensive posture to move to side line this week. Long term readers should know that FEMKX timing model has consistently indicated the market turning points in the past. 

Weekly chart of S&P 500 index