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 started the week with a strong 2 day rebound from its 3600 support, but the rally faded after OPEC+ announcing production cut of 2 million barrel oil a day on Wednesday. The announcement coupled with the positive job report on Friday caused the index to give up most of its gain as investors worried that the economy is not slow enough to bring the inflation down. For the week, S&P 500 index went up 1.51% to 3639, Dow Jones Industrial Average gained 1.99%, while the technology laden NASDAQ composite index increased only 0.73%.
S&P 500 index rebounded strongly from its 3600 support to the high of 3800 in the first two days of the week, however, the selling pressure and negative sentiment weighed in and the index closed at 3639 only a tad above the support level. The index is well below its 28 week exponential moving average and its momentum indicator is at an extremely oversold level. As discussed previously, the index very likely will fall to 3200 level if it can not hold the 3600 level with such low momentum.
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| Weekly Chart of S&P 500 index |
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