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 ETF model portfolio: Sell IDU, Buy IYE
Stocks went up sharply for another week with help from positive earning reports from energy and industrial sectors. Investor sentiments were also helped by hope that FED will slow down its pace in hiking interest rates to avoid global economy instability. Tech sector under performed the general market as big tech companies like Amazon, Microsoft, Alphabet and Facebook announced steep declined in earnings and weaker financial outlooks . For the week, S&P 500 index went up 3.95% to 3901, Dow Jones Industrial Average gained 5.72%, while the technology laden NASDAQ composite index increased 2.24%.
With the big weekly advance, the S&P 500 index is approaching its 28 week moving average as observed in the weekly chart below. Its momentum indicator also rose sharply to the middle at 49. However, the index is still making lower lows, lower highs pattern. We need to wait for the index to close above its trend line and forming a higher lows, higher highs pattern to confirm the trend reversal.
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| Weekly chart of S&P 500 index |
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