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 suffered the largest declines since the pandemic low in March, 2020 as fear of rising interest rates and slower economic growth prevailed. For the week, S&P 500 index went down 5.68% to 4397, Dow Jones Industrial Average lost 4.58%, and the technology laden NASDAQ composite index decreased 7.55%.
S&P 500 index finally yielded to the pulling from the tech heavied Nasdaq composite index and fell below its 28 week exponential moving average as seen in the weekly chart below. The momentum indicator, STO [15, 1] of the index has declined fast and headed below 50. For key support levels on the downside, we are currently at 4400 weak support level while a stronger support at 4200 awaits below. S&P 500 index has climbed from the low of 2191 in March 2020 to the high of 4818 in December 2021 with a gain of warping 120% in less than 24 months,. A 38% Fibonacci retracement of the rally will take us down to 3800. As the correction is mostly induced by fear of rate hikes, we expect the consolidation/correction to continue before Fed's rate hike announcement in March.
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| Weekly chart of S&P 500 index |
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