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 SELECT model portfolio: Sell FSELX, Buy FSENX
All major indices recovered a bit from large losses the previous week as the volatility hit the highest level since the pandemic. Fear of rate hike and high inflation still dominated investors' sentiment. For the week, S&P 500 index went up 0.77% to 4431, Dow Jones Industrial Average gained 1.34%, and the technology laden NASDAQ composite index increased 0.01%.
S&P 500 fell to 4200 support level mid week and rebounded at the end of the week to form a hammer candle pattern. If the index can hold the 4200 support for a couple of weeks and climb back above 28 week moving average, we may see the end of the correction. This pull back will last a few more weeks as S&P 500 index still closed below its 28 week EMA despite the rebound and its momentum indicator STO[15,1] fell below 50 and continued heading downward.
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| Weekly chart of S&P 500 index |
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