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.
Continued concern about the economic impact from COVID omicron variant and the news that Fed may tighten its money policy sooner because of the persistent inflation pressure pulled stocks down for the second week. S&P 500 index went down 1.22% to 45384, Dow Jones Industrial Average lost 0.91%, and the technology laden NASDAQ composite index decreased 2.62% for the week.
A cautious trading note was issued at the end of the blog last week as S&P 500 index showed a divergent pattern in its weekly chart, and the FEMKX timing system issued a sell signal. S&P 500 looks to be heading down to test its trend line support at 4400 while there is a stronger support below at 4200. To continue its bull run, the index has to stay above its 28 week EMA trend line. The price action in the next couple of weeks will tell us if this consolidation will turn into a more severe correction.
Again, we have reached the end of year when funds are distributing capital gains which affects the fund prices and momentum rankings. The distribution information are difficult to obtained beforehand, and I can only do my best to keep the data and rankings up-to-date. Similar to the past years, the ranking information will not be as robust in the last few weeks of the year.
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Weekly chart of S&P 500 index |
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