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 fell this week as FED increased the short term interest by 0.75% as expected. Fed Chair's hawkish stand at the press conference after the meeting weighed on investors sentiment for a pause or slower pace rate hikes. For the week, S&P 500 index went down 3.35% to 3770, Dow Jones Industrial Average lost 1.4%, while the technology laden NASDAQ composite index decreased 5.65%.
As the bear market continues, the S&P 500 index retreated under the resistance of 28 week EMA as seen in the weekly chart below. The momentum indicator of the index also failed to break the mid-point and heading south. The downtrend is expected to continue for a while with weak momentum and negative sentiment.
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| Weekly chart of S&P 500 index |
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