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 RSP model portfolio: Sell 05087, Buy 42635
Stocks closed lower for the third week as Dow Jones Industrial Average plunged more than 900 points on Friday. Elevated inflation and increasing likelihood that the Fed will hike interest rate half point in its May policy meeting dominated investors sentiment. For the week, S&P 500 index went down 2.75% to 4271, Dow Jones Industrial Average lost 1.86%, and the technology laden NASDAQ composite index decreased 3.83%.
S&P 500 index made an attempt to get back above its 28 week EMA during the week but ended up closing below the trend line. Its weekly momentum indicator fell below 50 this week and heading downward. The index looks to be moving down to test the 4200 support level again. If the index can not hold its 4200 support, the next meaningful support levels are 4000 and 3600. We will see how it plays out next week.
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| Weekly chart of S&P 500 index |
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