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 declined sharply for the second week as worries about FED's hawkish monetary policy continues. On the economy front, data showed US added a solid 315,000 jobs in August above the expectation of 300,000. For the week, S&P 500 index went down 3.29% to 3924, Dow Jones Industrial Average lost 2.99%, and the technology laden NASDAQ composite index decreased 4.21%.
S&P 500 index went down substantially for the past three weeks as observed by the 3 long read bearish candles in the weekly chart below. Its momentum indicator, once climbed above 80, has retreated quickly and heading below 50. If the index can not hold at the current 3900 support, it will very likely go down to test the previous low of 3600 as we have discussed last week.
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| Weekly chart of S&P 500 index |
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