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 were mostly lower as volatility continued with the third quarter earnings report season started and worries from persistent high inflation data released during the week. For the week, S&P 500 index went down 1.55% to 3583, Dow Jones Industrial Average gained 1.15%, and the technology laden NASDAQ composite index decreased 3.11%.
S&P 500 index fell to 3491 Thursday and staged a strong comeback surging 5.5 % to closed the day at 3670. However, with the current weak market sentiment, the index could not hold its gain and closed at 3583 the next day after giving back most of its advance. From the weekly chart below, S&P 500 index is still trying to hold on to its support around 3600, which is a difficult task under such extreme negative sentiment and momentum. For the tide to turn, we need to see the inflation coming down and the Fed slowing down its pace to hike the interest rate.
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| Weekly chart of S$P 500 index |
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