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 lower with renewed worries about regional banks and after raising interest by 0.25% on Wednesday, Fed chair Jerome Powell commented that cutting rates might not occurs as early as market had hoped for. Uneasiness about US reaching its debt ceiling on June 1 also weighted on investor sentiment. For the week, S&P 500 index went down 0.8% to 4136, Dow Jones Industrial Average lost 1.24%, whiled the technology laden NASDAQ composite index increased 0.07%.
S&P 500 index formed another bullish pinbar candle stick pattern this week as shown in the weekly chart below. In the pin bar formation this week and last week, the wicks of the candles have successfully tested the 28 week EMA, and the short candle bodies above the trendline indicating that investors were willing to push the price higher. We are still looking forward to a break of 4200 for the index next week.
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| Weekly chart of S&P 500 index |
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