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 FDRXX, Buy FIUIX
Trading signal occurs in HSA model portfolio: Sell Cash, Buy CLSPX
Trading signal occurs in FEMKX timing model: Sell Cash, Buy FEMKX
Stocks gave up some of the gains from last week. Economy data showed that industrial production and and retail sales in July were surprisingly strong. Weekly jobless claims also defied the expectation and going lower. While the strong data gave hopes to investors for avoiding recession, it also fueled the fear for FED's continuation of its high rate policy. For the week, S&P 500 index went down 1.21% to 4228, Dow Jones Industrial Average lost 0.16%, and the technology laden NASDAQ composite index decreased 2.26%.
S&P 500 consolidated this week and is in the process of testing its 4200 and 28 week EMA support levels. As the index remains above its trend line, there is a very good chance for continuation of the up-trend after the consolidation.
Three trading signals were issued this week in SSPP, HSA and FEMKX model portfolios to move out of the cash positions. The FEMKX timing model, as discussed last week, has issued a buy signal with its momentum indicator climbing above the threshold of 50. FEMKX timing model has been a every robust indicator for market direction. It will be interesting to see how it performs this time.
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| Weekly chart of S&P 500 index |
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