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 Ukraine war and rate hikes largely weighed on investor sentiment. Consumer stable and healthcare recorded solid gain while technology suffered the most. US Economy seems to hold up well under the current high inflation environment as the weekly jobless claims fell to the lowest since 1968 and the ISM service index, released last week, still indicated robust economy expansion. For the week, S&P 500 index went down 1.27% to 4488, Dow Jones Industrial Average lost 0.28%, and the technology laden NASDAQ composite index decreased 3.86%.
S&P 500 index still struggled to break the 4600 level resistance but closed the week above its 28 week moving average. It is a good sign that the index stays and consolidates above its trendline, and hopefully we will see it breaks the 4600 level soon in the coming weeks. Our cautiously positive outlook for the index to resume its uptrend remains the same as the index picks up its momentum and stays above its trendline.
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| Weekly chart of S&P 500 index |
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