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.
News on imminent vaccine approval from FDA was out-shadowed by the uncertainty of stimulus bill from congress. Weekly jobless claims jumped from 720k to 850k due to the recent wave of infection also weighed in on investor sentiment. For the week, S&P 500 index went down 0.96% to 3663, Dow Jones Industrial Average lost 0.57% , and the technology laden NASDAQ composite index decreased 0.69%.
S&P 500 index closed below 3700 for the second week and stays 8.3% above its 28 week moving average. Its momentum indicator is still heading higher in the overbought region due to positive seasonality effect. Our cautious outlook remains the same as index is marching higher.
Mutual funds and ETF funds started to distribute year-end capital gains and dividends. In some cases, they even split the fund prices to attract more investors. These information are difficult to obtain and process ahead of the time for momentum ranking calculation. Please keep in mind that with these large fund prices adjustments, the rankings in the momentum ranking tables won't be very reliable in December.
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| Weekly chart of S&P 500 index |
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