Stocks opened lower on Thursday but rebounded and held onto some solid gains by the close. The Dow closed with a 109-point gain and the TSP shares were mixed as the strong dollar kept the I fund down.
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My apologies, but this is going to be a brief commentary because I am out of town again and on a semi-vacation and will be back on Tuesday.
The SPY (S&P 500 / C-Fund) continues to bounce off of the inverted head and shoulder neckline, which I interpret as bullish.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
Many of the indices posted positive reversal days on Thursday, but the market leading Transports put in a particularly strong positive reversal day with a long kangaroo tail. All of it above support, so there's not much to complain about here.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
Bonds were flat to slightly down and remain in a sideways trading channel and we await the direction it breaks.
Chart provided courtesy of www.decisionpoint.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.
