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 FRESX, Buy FGRIX
Trading signal occurs in sETF model portfolio: Sell ITB, Buy IEO
All major indices continued their rebound for the second week under heighten volatility as more than 100 companies reported their 4th quarter earnings over the week. Facebook (Meta) saw its stock price falling more than 20% Thursday after disappointing earning report, while Amazon stock rose 13.5% rewarded by its better than expected quarterly earnings Friday. For the week, S&P 500 index went up 1.55% to 4500, Dow Jones Industrial Average gained 1.05%, and the technology laden NASDAQ composite index increased 2.38%.
In the weekly chart below, S&P 500 rebounded and climbed above its 28 week EMA in midweek but still closed the week a few points below the EMA. The momentum indicator STO[15,1] of the index is still declining and heading toward the over sold region. If the index can not break the 28 week EMA next week, we will see it retesting the 4200 support. Our market outlook remains the same that this pull back likely will last a few more weeks into March.
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| Weekly chart of S&P 500 index |
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