Fund Rankings Update, 6/12/2020

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.

Growing fear of second wave corona virus outbreak as reopening of economy is in progress turned investors sentiment sharply.  Stocks suffered the worst weekly decline since mid March.  For the week, S&P 500 index went down 4.78% to 3041, Dow Jones Industrial Average lost 5.55% , and the technology laden NASDAQ composite index decreased 2.3%. 

With  the 4.8% pull-back, S&P 500 index is 2.6% higher than its 28 week EMA of 2964. The index also rebounded and closed above its 28 week EMA. As the index is still above and near its trend line, it creates a buying opportunity for long position. If the trend line support failed to holds, there are two support levels below. The first one is a Fibonacci support at 2830 and the second is a long term support currently at 2625.  Investors can utilize these support levels to build up their long positions. 

Weekly chart of S&P 500 Index