Stocks opened lower on Wednesday but it turned into another mixed / flat day with small losses in the Dow (-2.70) and S&P 500 (-1.43), while the Nasdaq (+0.31%) and the Russell 2000 (+0.55%) had some nice gains.
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I am out of town this week and working on my laptop with a slower internet connection so I expect my commentaries to be brief, but everything should get posted - premium services, share prices, AutoTracker, etc. Your patience is appreciated.
The SPY (S&P 500 / C-fund) has stalled at the overhead resistance of the inverted head and shoulders pattern. Whether it pulls back here, like an inverted H&S would, remains to be seen. The bulls don't seem to want to give their ball back to the bears.
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
The Wilshire 4500 (S-fund) posted a small 0.26% gain yesterday and the pressure is still being put on by the bulls as the bears sit on the sidelines waiting for... something.
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
The EFA (EAFE Index / I-fund) was down and is flirting with failing at the 50-day EMA. So far this looks like a bear market rally ending and it will need some help to soon to stop another lower high from creating.
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
The German DAX is putting some pressure on the I-fund as it appears to be failing at the 200-day EMA - which is typical bear market action. It's not a done deal yet, but the DAX may have run out of steam and the downside trend may resume.
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
The AGG (Bonds / F-fund) was flat and the one-day breakout above the falling trading channel has not seen any follow-through yet. It looks a little bearish but as long as the 50-day EMA holds as support, it isn't too bearish for bonds. But if the 50-day EMA breaks again, yes.
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
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Thanks for reading! We'll see you back here tomorrow.
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.
