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 FEMKX timing system, Sell FEMKX, Buy Cash
Stocks pulled back for the third week as tension in the Middle East and concerns of a higher and longer interest environment continued to weigh in on investors' sentiments. On Monday, The Commerce Department reported that retail sales in March went up 0.7% much higher than the expected 0.3%, which increased investors' worries about the Fed putting off the interest rate cut further out of the year. And nn Tuesday, Fed Chair Jerome Powell indicated at an economic conference that it will take longer than expected to achieve that confidence to tame the inflation. For the week, the S&P 500 fell 3.05% to 4967, the Dow Jones Industrial Average nudged up 0.01% and the Nasdaq composite index plunged 5.52%.
The S&P 500 index has declined for three weeks in a row, with a sharp pullback this week that brought it under the key psychological level of 5,000. The gap between the index and its 28-week exponential moving average has narrowed significantly, going from 9.6% three weeks ago to a modest 2.0%. 4800 will be a critical support level below for the index as it is near trendline support, the 50% Fibonacci retracement, and the previous high in January 2022. The behavior of the index at this level will tell us if this is a buying opportunity or the start of a longer downturn.
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| The weekly chart of the S&P 500 index |
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