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 took a breather as major indices closed down. Energy sectors outperformed the general market while communication sectors lagged behind. For the week, S&P 500 index went down 1.11% to 4090, Dow Jones Industrial Average lost 0.17%, and the technology laden NASDAQ composite index decreased 2.41%.
S&P 500 index consolidated to digest the recent quick gains as we have discussed in last week's blog. The index is still above its 28 week exponential moving average (EMA) with high momentum. As long as the index stays above its 28 week EMA, we expect the uptrend to continue.
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| Weekly chart of S&P 500 index |
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