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 IYE, Buy IEV.
Stocks declined modestly again during the light trading week due to the coming New Years day. Economic news were positive as manufacturing activities in mid-Atlantic region turns positive after 8 months while jobless claims rose but in-line with the expectation. However, the positive news pushed the yield of 10-year treasury note higher again and weighed on investors' sentiment. For the week, S&P 500 index went down 0.14% to 3839, Dow Jones Industrial Average lost 0.17%, while the technology laden NASDAQ composite index decreased 0.3%.
S&P 500 index formed a hammer pattern for the second week indicating a pause in the down trend and an effort to turn around. 2022 turns out to be the worst year for stocks since 2008, the year of great recession, as S&P 500 index lost almost 20%. Without the Santa Claus rally, we are now looking for January effect to to take us out of this drought.
I will be traveling next week and the weekly post will be delayed. As inflation is receding and FED may pause the rate hike in the first half of next year, we are looking forward to the coming of 2023. Happy New Year everyone!
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| Weekly chart of S&P 500 index |
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