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.
Worries about the resurgent of coronavirus case in Europe and diminished hope for the second round of economy stimulus package from congress weighed in on investor sentiment this past week. Major indices ended the week mixed, with technology and consumer discretion sectors outperforming and energy sectors lagging the markets. For the week, S&P 500 index went down 0.63% to 3298, Dow Jones Industrial Average lost 1.75% , while the technology laden NASDAQ composite index increased 1.11%.
As observed in the weekly chart below, S&P 500 index fell to the low of 3209 mid week, 9 point above the 3200 support level we talked about in the blog post last week. The index rebounded and closed the week at 3298 forming a hammer candle stick pattern. With this price action, we have more confidence that the index will consolidate around 3200 level and continue its ascending trend. As this is the first test to the support level, we expect the index to test the support again in the coming weeks to complete the consolidation.
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| Weekly chart of S&P 500 index |
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