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 declined for the fourth week with Dow Jones Industrial Average plunged more than 900 points again on Friday as Amazon.com's disappointing quarterly earning spooked investors. Major indices are squarely in the correction territory: S&P 500 index is sitting at 14% below its high and NASDAQ composite has fallen 24% from its high in November 2021. For the week, S&P 500 index went down 3.27% to 4131, Dow Jones Industrial Average lost 2.47%, and the technology laden NASDAQ composite index decreased 3.93%.
After failing to closed above its trend line last week, S&P 500 index declined further and closed below its 4200 support this week. As discussed in the blog last week, the index is likely to decline further even to 3600, if it can not find a footing to get back above 4200 next week.
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| Weekly chart of S&P 500 index |
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