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 declined modestly this week largely influenced by the negotiation of the third economic stimulus package. 91 companies reported their quarterly earnings during the week with 84% of the companies reported earning so far have beaten the estimates. Companies, like Netflix, and Intel, with disappointing earnings have seen their stock prices punished by investors. Technology sectors underperform the markets this week while internet stocks outperformed. For the week, S&P 500 index went down 0.53% to 3465, Dow Jones Industrial Average lost 0.95% , while the technology laden NASDAQ composite index decreased 1.06%.
S&P 500 index consolidated around the phycological resistance of 3500 after the run up from 3200 four weeks ago, and looks to be forming a bull flag patter. As November 3 election is approaching, we don't expect much movement in the price action before the election. The best scenario is for the index to consolidate between 3500 and 3400 for another two or 3 weeks such that the 28 week EMA can catch up.
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| Weekly chart of S&P 500 index |
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