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.
US economy added 1.4 million jobs in August, in line with Street's expectation. However, investors were concerned about the high valuation of stocks after recent run-up and started to re-balance their portfolio. As a results, stocks fell 3% Thursday and another 1% Friday with large tech companies leading the way down. For the week, S&P 500 index went down 2.31% to 3426, Dow Jones Industrial Average lost 1.82% , and the technology laden NASDAQ composite index decreased 3.27%.
After 5 weeks of nonstop advancement, S&P 500 index reached all time high of 3588 and turned negative to the low of 3349. The index finally took a breather and ended up at 3426, but still stays 8.5% above its 28 week EMA. As volatility returns and the index is still far above its trend line, we maintain our cautious outlook for the short term market direction.
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| Weekly chart of S&P 500 index |
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