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.
Trading signal occurs in iETF model portfolio: Sell EWY, Buy EWO
Stocks opened the week strong reaching record high in mid week. However, rising treasury yields and Fed's refusal to lower the capital reserves for the back pushed down the markets. For the week, S&P 500 index went down 0.77% to 3913, Dow Jones Industrial Average lost 0.46%, and the technology laden NASDAQ composite index decreased 0.79%.
S&P 500 index failed to break above the resistance at 4000 and fell back down. As we have discussed that this time around the correction is concentrated in tech sectors with general markets in a side way consolidation pattern. A divergent pattern seem to be forming in the weekly chart as well. The index is making double top (if it falls back to 3700) while momentum is a lower high, which does not bode well for the market direction in the next couple of weeks.
Another trading signal was issued in iETF model portfolio this week: Sell EWY, and buy EWO due to momentum ranking changes. We have held FDGRX for 105 days with a gain of 7.1%.
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| Weekly chart of S&P 500 index |
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