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 FGRIX, Buy FICDX
Stocks closed lower as Russian invasion of Ukraine continued for another week. Elevated inflation due to surging commodity prices dominated investor sentiment while weekly jobless data came in inline with the expectation. For the week, S&P 500 index went down 2.88% to 4204, Dow Jones Industrial Average lost 1.99%, and the technology laden NASDAQ composite index decreased 3.53%.
S&P 500 index closed at 4204, right above its 4200 support level. Its momentum indicator continued to trend downwards in the weekly chart below. Next week, the Fed will hold its open market committee meeting on Tuesday and Wednesday. It is expected that the Fed will hike the interest rate a quarter point for the first time since 2018 to start its tightening cycle. It will be interesting to see how investors react to Fed's move and its projection for the rest of the year.
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| Weekly chart of S&P 500 index |
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