Although there were a couple of intraday spikes highs, stocks ended mostly lower on Thursday, but the losses were contained and the bulls are still buying the dips... for now.
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The S-fund lagged with a 0.26% loss while the I-fund dipped 0.06%. Bonds had a nice day.
The jobs report comes out this morning (Friday). Estimates are looking for a gain of 230,000 jobs and an unemployment rate of 5.8%.
The SPY (S&P 500 / C-fund) has been clinging to the resistance line, briefly dipping below it a couple of times on Thursday. The current action has a similar ring to what we saw in-Mid-September, but whether the market is capable of dropping sharply in December like it did in September is questionable, but perhaps instead of a head decline (in the inverted head and shoulders pattern) maybe we'll just get a minor right shoulder line in July / August?
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
The Wilshire 4500 (S-fund) lost 0.25% yesterday and remains below the key resistance line.
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
At the risk of sounding like a broken record, the EFA (EAFE Index / I-fund) is stuck between the 50 and 200-day EMAs and something will probably have to give soon
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
The German DAX had a big negative reversal day on Thursday, after having run almost straight up to the old highs. The German economy continues to be a question mark and like the U.S. they are expecting stimulus from the ECB, but the ECB announced a delayed yesterday, hence the selling.
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
The AGG (Bonds / F-fund) had a nice day yesterday as yields fell on the economic concerns overseas.
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
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Thanks for reading! Have a great weekend!
Tom Crowley
Posted daily at TSP Talk Market Commentary
The legal stuff: This information is for educational purposes only! This is not advice or a recommendation. We do not give investment advice. Do not act on this data. Do not buy, sell or trade the funds mentioned herein based on this information. We may trade these funds differently than discussed above. We use additional methods and strategies to determine fund positions.
