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 HSA model portfolio, Sell CSVYX, buy RIGGX
Trading signal occurs in sETF model portfolio, Sell IEZ, buy ITB
Stocks closed the week mixed as investors worried about propagation of the collapse of Silicon Valley Bank to the other regional banks while on the other hands, increased the hope that Fed will now ease the rate hiking cycle to prevent the worsening of the banking sector. On the economy front, the inflation moderate a bit as February data showed consumer price went up 6% year over year inline with expectation and the produce price index declined 0.1% For the week, S&P 500 index went up 1.43% to 3916, Dow Jones Industrial Average lost 0.15%, while the technology laden NASDA composite index increased 4.41%.
S&P 500 index closed below its trend line for the second weeks. If the index can find a support at 3800, rebounds and forms a higher low pattern in the weekly chart, we may see it gets back to the moderate uptrend since October last year. However, we expect the index to stay below its 28 week EMA for another couple weeks in the short term as its momentum indicator is rapidly falling towards the oversold zone.
Trading signals occurred in HSA and sETF model portfolios this week due to the recent weakness in US equity market and sector rotation. We will sell CSVYX and move to RIGGX in HSA model portfolio; and sell IEZ to buy ITB in sETF model portfolio.
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| Weekly chart of S$P 500 index |
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