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.
Stocks closed lower for the second consecutive week as worries of Russian's imminent invasion to Ukraine and the coming rate hikes due to high inflation prevailed. For the week, S&P 500 index went down 1.58% to 4348, Dow Jones Industrial Average lost 1.90%, and the technology laden NASDAQ composite index decreased 1.76%.
S&P 500 index has closed below its 28 week EMA for the fifth week. Its momentum indicator STO[15,1] is still above the over sold region but heading downward. It is likely that the index will retest its 4200 support level around mid-March when the first rate hike occurs. At that time, the best scenario is for the index to successfully test the support, form a double bottoms and climb above the 28 week EMA to resume its uptrend. However, if the index fails to hold or rebound from the support, we will see it plunging lower and will have a pro-long market down turn.
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| Weekly chart of S&P 500 index |
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