Fund Rankings Update, 5/8/2020

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 sETF model portfolio: Sell Cash, Buy IBB.

Defying gravity, stocks continued to march higher as investors turned their attention to reopening the economy. Economic data showed the US economy has contracted at a record level with 3.2 million american filing for unemployment benefit in the previous week, and U.S. unemployment rate reaching 14.7% in April. Tech shares outperformed general markets while utilities and consumer staple lagged behind.   For the week, S&P 500 index went up 3.5% to 2929, Dow Jones Industrial Average gained 2.56% , and the technology laden NASDAQ composite index increase 6.0%. 

S&P 500 index closed the week right below the 28 week EMA. It will be interesting to see how the index behave under this strong resistance level next week.   sETF model portfolio is changing its position to buy after holding cash for 56 days as Bio tech sector has been very strong due to the treatment and vaccine development for Covid-19.

Weekly chart of S&P 500 index