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 continued its pulled back, tech sectors leading the way down in this holiday shortened trading week. US economy data were mixed last week with US initial jobless claim remained unchanged from the previous week at 88,4000 while the NFIB Small Business Optimism Index rose unexpectedly in August. For the week, S&P 500 index went down 2.51% to 3340, Dow Jones Industrial Average lost 1.66% , and the technology laden NASDAQ composite index decreased 4.06%.
S&P 500 index continued its pull back and heading toward its first support level at 3275-3290. Its weekly momentum indicator STO (15,1) has fallen below the overbought threshold of 80. After 3275 level, the next support will be the critical 2940-3000 level. The index has fallen from 11.8% above its 28 week EMA two weeks ago to 5.3% above its 28 week EMA. It is still high above its trend line but in a more reasonable level. The index will keep the bull trend alive if it can rebound from the 3275-3290 level, and we will see how the index behave around that level next week.
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| Weekly Chart of S&P 500 Index |
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