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.
Major indices closed modestly lower as investors continue to worry about economic growth. Stocks opened sharply lower on Monday but quickly found their way back as the week progressed. Positive economic news including the better-than-expected ISM Services PMI released Monday and the unexpected drop in weekly jobless claims on Thursday have eased the investors' recession fear. For the week, the S&P 500 went down 0.04%, closing at 5344. The Dow Jones Industrial Average fell 0.6%, and the Nasdaq composite index decreased 0.18%.
The S&P 500 opened the week sharply below its 28-week exponential moving average but quickly recovered and closed 2.2% above the trend line on the weekly chart. On the daily time frame, the index has fallen below its 100-day exponential moving average but managed to close above its 10-day exponential moving average. It appears that the index has completed its first leg of the "W" bottom formation. If the S&P 500 continues to rise above its 20-day exponential moving average and subsequently retraces to form the second leg of the "W" pattern within the next few weeks, it could mirror the corrective behavior seen in April and May, presenting a potential buying opportunity.
 |
| The weekly chart of the S&P 500 index |
 |
| The daily chart of the S&P 500 index |
No comments:
Post a Comment