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 with heighten volatility due to Ukraine crisis. Technology, financials, consumer discretionary, and communication services sectors suffered the most while energy sector performed the best with oil prices shot up to $120 per barrel. For the week, S&P 500 index went down 1.27% to 4328, Dow Jones Industrial Average lost 1.3%, and the technology laden NASDAQ composite index decreased 2.78%.
S&P 500 index made an attempt to reclaim the 28 week EMA mid-week, but failed to break above the trendline and closed the week lower than where it started. In order to complete the double bottom formation, the index has to break its 28 week EMA first and then 4600 resistance as we have discussed in the blog last week. We will continue to monitor the price action in the next few weeks.
 |
| Weekly chart of S&P 500 index |
No comments:
Post a Comment