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.
Trading signal occurs in SSPP model portfolio: Sell FDGRX, Buy FRESX
Happy New Year!! Stocks went up this week with S&P 500 index closed the year at record high. Investors' sentiment was largely dominated by the influence of Covid Omicron variant as evidence, albeit limited, showed that it has milder effect than the Delta variant. On the economic front, weekly jobless claims fell to decade low, and holiday sales in December wen up 10 % more than the pre-pandemic level in 2019. For the week, S&P 500 index went up 0.85% to 47665, Dow Jones Industrial Average gained 1.08%, while the technology laden NASDAQ composite index decreased 0.05%.
Our technical outlook stays the same for another week as S&P 500 index continued its horizontal consolidation as shown in the weekly chart below. On the positive side, the index is marching above its 28 week EMA with high momentum. On the cautious side, the price and momentum indicator look to be forming a divergent pattern where price is makin higher high and the momentum indicator is making a lower high.
Two trading signals occurred in our model portfolios this week due to momentum ranking changes. In the SSPP model portfolio, the growth oriented fund, FDGRX, is being replaced with conservative real estate fund, FRESX, and the recently high flying energy fund, IEO is replaced with home construction fund, ITB, in the sETF model portfolio.
 |
Weekly chart of S&P 500 index |
No comments:
Post a Comment