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.
Major indices ended the week mixed with lingering worries about rising interests but supported by strength of economy rebound. For the week, S&P 500 index went down 0.43% to 4155, Dow Jones Industrial Average lost 0.51%, while the technology laden NASDAQ composite index increased 0.31%.
S&P 500 closed the week a bit lower than where it began for another week of side way consolidation as observed in the weekly chart below. For NASDAQ composite index, this is the second week it successfully tested the 28 week EMA as shown in its weekly chart. The 28 week EMA has been a very strong support for NASDAQ composite index in the past. The index has held at this EMA support in November 2020, March 2021 and now. If NASDAQ composite index does not fall below its 28 EMA, we will see it slowly come back and resume its uptrend that was disrupted since mid-February. The rise of Nasdaq composite will also carry S&P 500 index along with it in our opinion. Interestingly, our FEMKX timing system, which has been a reliable market timing indicator, has been out of market since March 8 and has stayed on the sideline since as shown in the trading log page. At this stage, we have to patiently wait for the market development and take action accordingly.
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| Weekly Chart of S&P 500 index |
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| Weekly chart of NASDAQ composite index |
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