Fund Rankings Update, 3/6/2020

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.

Stocks still experienced large swings and ended up directionless due to fear of coronavirus spread and Fed's surprised emergency half point rate cut. For the week, S&P 500 index went up 0.61% to 2972, Dow Jones Industrial Average gained 1.79% , and the technology laden NASDAQ composite index increased 0.1%. 

S&P 500 index rebounded early in the week from the sharp plunge the previous week. It retreated after reaching the 28 week moving average (now the resistance) and ended up about where it began. It usually takes several weeks for the index to build a base before completing the correction phase after a severe sell-off.  For example, looking back at October 2018 sell-off in the weekly chart below, S&P 500 index took 9 weeks trading between 2600-2800 channel before the final leg down to complete the correction phase. From daily and weekly chart, we expect the index likely to trade within 2820 - 3130 for a few weeks before it completes the correction. 

Weekly chart of S&P 500 index