Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, and sETF have been posted on "Rankings", and "Trading Logs" pages, as well as in http://ycprankings.awardspace.us/RankingTables.htm.
Trading signal occurs in iETF model portfolio: Sell EWW, Buy IOO.
Stocks closed lower for the holiday-shortened week. Positive economic news in lower weekly jobless claims and unexpectedly higher service sector activity caused concern about FED's hiking interest in their next policy meeting. For the week, the S&P 500 index went down 1.29% to 4457, the Dow Jones Industrial Average lost 0.75%, and the technology-laden NASDAQ composite index decreased by 1.93%.
The S&P 500 index closed lower this week after the large advance last week. The index is still hovering above its 28-week exponential moving average while the momentum indicator came back down in the no man's land. As the index goes sideway, we will need it to either close higher than 4607 for confirmation of an up trend or close lower than 4335 for a downtrend.
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| The weekly chart of the S&P 500 index |
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