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.
Fears about rising interest rates and Fed's tapering of its asset purchasing before the end of year, pushed the stocks downward. Interest rate sensitive technology sectors suffered the most with NASDAQ composite index leading the decline among the major indices. September turns out to be the worst month since the beginning of the pandemic with S&P 500 index lost 4.8%, and lives up to its reputation as the weakest month of the year. For the week, S&P 500 index went down 2.21% to 4451, Dow Jones Industrial Average lost 1.36%, and the technology laden NASDAQ composite index decreased 3.2%.
S&P 500 index touched and bounced off its 28 week EMA the second week as seen in the weekly chart below. The momentum indicator of the index has fallen below the over bought region and heading downward, however, the index still stays above the trend line holding the up trend intact. Our outlook remain the same that we expect a couple more weeks of side way consolidation and a continuation of the up trend afterwards if the index mange to stay above the trend line.
A trading signal occurs in the sETF model portfolio to sell ICF and buy the currently number one ranked fund, IGV as the rising interest pushed down the momentum ranking of realty index fund, ICF. Please see rankings tables and trading logs for more detail.
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| Weekly chart of S&P 500 index |
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