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, under relentless selling pressure, declined for the seventh week. Disappointing earnings and revenues from major retailers prompted investors' fear of economic recession as consumer pulling back on their spending. For the week, S&P 500 index went down 3.05% to 39013, Dow Jones Industrial Average lost 2.9%, and the technology laden NASDAQ composite index decreased 3.82%.
S&P 500 reached 3800 at its low point this week with momentum indicator stayed in the over-sold region. The index is 19% below its high of 4818, 1% above the official definition of bear market. As the index closed below 4000 support level with weakening momentum, we likely won't see a trend reversal until the index finds a level to consolidate and build a double bottom or triple bottom.
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| Weekly chart of S&P 500 index |
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