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 closed sharply lower this week as investors were spooked by the higher than expected core personal consumption expenditures (PCE) price index which jumped 0.6% in January. The resurgent of inflation led investors to raise the timing and extent of the coming rate hikes from Federal Reserve. For the week, S&P 500 index went down 2.67% to 3970, Dow Jones Industrial Average lost 2.99%, while the technology laden NASDA composite index decreased 3.33%.
S&P 500 index closed a bit below its 28 week EMA with diminished momentum. If the index can not quickly bounce back above the support next week, we may see it retreated to retest its low of 3600.
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| Weekly chart of S&P 500 index |
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