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.
All major indices continued its slide as rising inflation and looming interest hikes weighed on investors' sentiment. Financial and banking sectors were under pressure as JPMorgan Chase and Citigroup reported lower fourth quarter profit while energy sectors outperformed due to oil prices increase. For the week, S&P 500 index went down 0.3% to 4662, Dow Jones Industrial Average lost 0.88%, and the technology laden NASDAQ composite index decreased 0.28%.
S&P 500 index continued its horizontal consolidation as shown in the weekly chart below while Nasdaq composite index undergoes correction. In the chart below, one can see that Nasdaq composite index has fallen and closed below its 28 week moving average with its stochastic momentum indicator falling below 50. We can see that in the last 18 months, the STO[15,1] indicator of Nasdaq composite has fallen close or dipped slightly below 50 three times, but each time the index has managed to stay above and rebounded back above its 28 week EMA. We think that the index will experience some more correction in the next few weeks as it closed bearishly below the trendline. However, it remain to be seen that if it will pull down the S&P 500 index with it.
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| Weekly chart of S&P 500 index |
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| Weekly chart of Nasdaq composite index |
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