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 FIUIX, Buy FDRXX (Cash)
Stocks experienced the worst weekly loss since March 2020 with FED aggressively raised interest by 0.75 percentage points to counter the high inflation, and investors' fear of recession elevated to the highest state. For the week, S&P 500 index went down 5.79% to 3674, Dow Jones Industrial Average lost 4.79%, and the technology laden NASDAQ composite index decreased 4.78%.
S&P 500 started the week with a gap down and closed the week solidly below its previous low of 3810. As discussed in the blog last week, the index looks to go down testing 3500 support level which corresponds to the 50% Fibonacci retracement. We will continue to monitor the index' price action and momentum change at that level to look for indication of trend reversal inflection point.
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| Weekly chart of S&P 500 index |
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