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 RSP model portfolio, Sell 05087, buy 42626
Stocks fell sharply this week as negative sentiment prevailed from the beginning of the week. On Tuesday, Fed chairman, Jerome Powell, commented that with the current inflation trajectory, Fed may increase the pace of rate hikes and the terminal rate may be higher than expected. Friday's better than expected job data also spooked investors that the inflationary pressure has failed to be reduced so far. For the week, S&P 500 index went down 4.55% to 3861, Dow Jones Industrial Average lost 4.44%, while the technology laden NASDA composite index decreased 4.71%.
After bouncing back above its 28 week EMA last week, S&P 500 index fell solidly below its trend line. A weaker support of 3600 is waiting nearby and a stronger support of 3400 is not far away either.
A trading signal occurs in RSP model portfolio this week due to the recent weakness in US equity market. We will sell the holding in LSV large cap value fund (05087) and replace it with the current number one rank fund, State Street World Development Index fund (42626), in the RSP ranking table.
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| Weekly chart of S&P 500 index |
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