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 HSA model portfolio: Sell PCRIX, Buy VGRDX
Stocks rebounded sharply as economic data showing signs of economy slow down and inflation moderating. Existing home sales fell to the lowest level in May since June 2020, and June manufacturing activities came in well below expectation. For the week, S&P 500 index went up 6.45% to 3911, Dow Jones Industrial Average gained 5.39%, and the technology laden NASDAQ composite index increased 7.49%.
With the strong rebound, S&P 500 filled and downward gap left behind last week and got back abvoe the 3800 support level. The top side strong resistance is at 3800 level which corresponding to the previous high and 28 week moving average. On the downside, there is a weaker support at 3600 from the previous low and a stronger support at 3500. As the momentum indicator of S&P 500 index is still very weak in the overbought region, any rebound can only be treated as a counter trend rally. A reversal will not happen before the index breaking above it 28 week EMA resistance.
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| Weekly chart of S&P 500 index |
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