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 EWZ, Buy EWL
Stocks pulled back after S&P 500 index reached the all time high on Monday. Worries about Fed's tapering of asset purchases before the end of the year weighed in on investor sentiment. Small caps and energy related sectors underperformed the the general markets with Russel 2000 index fell more than 10% from its March high. For the week, S&P 500 index went down 0.59% to 4441, Dow Jones Industrial Average lost 1.11%, and the technology laden NASDAQ composite index decreased 0.73%.
S&P 500 index reached record high of 4480 on Monday before pulling back Tuesday and Wednesday. The index then bounced off the short term support of 4375 and closed the week at 4441. In the weekly chart below, the index still maintains its slow grinding upward pattern, and we expect it to continue that way. A trading signal was issued in iETF model portfolio this week to move from energy related EWZ fund to the current number one ranked fund, EWL. EWZ was held for only a month with a loss of 7.9%.
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| Weekly chart of S&P 500 index |
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