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 FICDX, Buy FIUIX
Stocks declined for the sixth week, the longest stretch since 2001. Investors were worried about Fed's accelerating pace of increasing interest rates may cause a recession instead of a soft landing. For the week, S&P 500 index went down 2.41% to 4023, Dow Jones Industrial Average lost 2.14%, and the technology laden NASDAQ composite index decreased 2.8%.
S&P 500 index gapped down this week, and at a lowest point on Thursday was nearly 18% below its high of 4818 reached in the beginning of the year. The index managed to climb back Friday, closed above 4000 and formed a hammer candle stick pattern for the week. If the index can consolidate and build a bottom at this level, we may see the beginning of the end. However, under current unfavorable interest rate and high inflation environment, it may take a long time for the index to get back to its upward trajectory.
 |
| Weekly chart of S&P 500 index |
No comments:
Post a Comment