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 stock indices went up this week recovering some of their loss from the previous week. Worries about U.S. debt ceiling at the beginning of the week subsided as Republicans and Democrats in the congress reached an agreement for temporarily lift the limit until December late in the week. Energy sectors outperformed the markets as natural gas prices reached record high in Europe. For the week, S&P 500 index went up 0.79% to 4391, Dow Jones Industrial Average gained 1.22%, and the technology laden NASDAQ composite index increased 0.09%.
S&P 500 index bounced off its 28 week EMA for the third week as seen in the weekly chart below. The momentum indicator of the index has fallen below the over bought region and heading downward. If the index can stay above its trend line, there is a good chance that it will get back to its uptrend from here. We will see how the price action develops next week.
A trading signal occurs in the SELECT model portfolio to sell FSCSX and buy the currently number one ranked fund, FSNGX as the rising interest rates continue to weaken the tech sectors, and natural gas prices rose due to seasonality effect. 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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