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 experienced high volatility this past week as Russia launched broad-scaled invasion into Ukraine. Dow Jones Industrial Average went down more than 800 points Thursday morning, but closed the day in the positive territory and continued its rebound Friday. For the week, S&P 500 index went up 0.82% to 4384, Dow Jones Industrial Average lost 0.06%, and the technology laden NASDAQ composite index increased 1.08%.
S&P 500 index formed a hammer candle stick pattern this past week with short body and long wick as shown in the weekly chart below. It appears that the index has successfully tested the 4200 support level and is trying to form a "W" shape double bottom in the weekly chart. In order to complete the formation, the index needs to continue rebounding higher, breaking its 28 week EMA first and then the 4600 short term resistance level in the next few weeks. We will continue to monitor the development and adjust the portfolio positions accordingly.
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| Weekly chart of S&P 500 index |
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