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 plunged on the last trading day of the week after FED chair, Jerome Powell made a hawkish comment about its aggressive interest rate policy to slow down the inflation at Kansas City FED's annual symposium in Jackson Hole. Economy data released last week were mixed with July home sales fell for the sixth month while weekly job less claims continue to decline and the University of Michigan index of consumer sentiment went up unexpectedly. For the week, S&P 500 index went down 4.4% to 4057, Dow Jones Industrial Average lost 4.22%, and the technology laden NASDAQ composite index decreased 4.44%.
4200 level turned out to be a very strong resistance level. S&P 500 held above 4200 for only one week then experienced a sharp retreat closing below its 28 week EMA for the week. The price action of the index in the next couple weeks are critical in determining the direction of the index. The upward momentum can be sustained if the index can quickly rebound from the sharp decline this week and climb back above it trend line, otherwise, we may see the index fell toward its previous low around 3600.
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| Weekly chart of S&P 500 index |
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