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 ended lower for the second week. Worries about supplier chain challenge and the tightening monetary policy weighed in on investor sentiment. However, economic data on inflation and retail sales released during the week surprised the analysts on the positive side. For the week, S&P 500 index went down 0.57% to 4432, Dow Jones Industrial Average lost 0.07%, and the technology laden NASDAQ composite index declined 0.47%.
S&P 500 index declined for the second week but still follows the up trending trajectory since November 2020. 4400 level is a short term support while 4200 level around 28 week EMA and previous resistance is a more meaningful support level. The index is currently 4.3% above its 28 week EMA within our 5-6 % threshold so we do not see a large pulled back on the horizon. Month of September is usually a weak month of the year for stocks according to seasonality. We shall see how the index performs this year in two weeks when the month ends.
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| Weekly chart of S&P 500 index |
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