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 sETF model portfolio: Sell IEO, Buy IEZ
Stocks declined sharply giving back the gains from the past two weeks. The surprising uptick in the ISM's (Institute for Supply Management’s) index to 56.5 dampen investors' hope for FED's ending its interest rate hikes sooner (ISM's index greater that 50 means economy is expanding). For the week, S&P 500 index went down 3.37% to 3934, Dow Jones Industrial Average lost 2.77%, and the technology laden NASDAQ composite index decreased 3.99%.
After staying above its 28 week EMA for three weeks, the S&P 500 index turned back to retest its support as we have discussed in the previous blogs. Unfortunately, the test was not successful, and the index closed below its 28 week EMA support. If the index can not mange to climb above its 28 week EMA (now becomes the resistance) next week, we think that the rally since mid October will be over and we will see the index retreats to 3800 first and then 3500 for the worst scenario.
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| Weekly chart of S&P 500 index |
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