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 RSP model portfolio: Sell FCNTX, Buy ARGFX
Trading signal occurs in SSPP model portfolio: Sell FBGRX, Buy FRESX
Trading signal occurs in HSA model portfolio: Sell MLAIX, Buy DCZRX
Trading signal occurs in SELECT model portfolio: Sell FSELX, Buy FBIOX
Trading signal occurs in ETF model portfolio: Sell IYW, Buy IYR
Major indices closed sharply lower as investors grappled with disappointing economic indicators and mixed earnings from tech giants. Worries about the strength of the economic growth weighed heavily on investors' sentiment. The release of the Institute for Supply Management’s (ISM’s) July manufacturing activity on Thursday fell unexpectedly to 46.6 (Readings below 50.0 indicate contraction.) and the Labor Department reported that the U.S. added only 114,000 jobs in July, well below the expected 176, 000 jobs, while the unemployment rate rose unexpectedly to 4.3% from 4.1%. For the week, the S&P 500 went down 2.06%, closing at 5346. The Dow Jones Industrial Average lost 2.1%, and the Nasdaq composite index plunged another 3.35%.
The S&P 500 has experienced a sharp three-week decline and currently sits 2.4% above its 28-week exponential moving average (EMA) of 5219. A short-term rebound is possible next week as the index approaches the critical support level of 5260. However, negative momentum and the need for bottom formation suggest the pullback may extend for another few weeks.
 |
| The weekly chart of the S&P 500 index |
No comments:
Post a Comment