Stocks opened higher on Monday and while the Dow drifted lower and closed just north of flat, the broader indices had a better day and with a positive holiday bias feel to the gains. The Dow gained 8-points.
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Small caps had a big day and the I-fund lagged. Bonds were up.
The SPY (S&P 500 / C-fund) managed to hold above the resistance line for a second straight day, and that was a little surprising to me after the negative reversal day on Friday. Again, is it the holiday? There is a small gap in the SPY down below 206 that should get filled soon.
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
The Wilshire 4500 (S-fund) had a big day after Friday's negative reversal day but it is now smack up again the overhead resistance. We've seen that resistance broken in the S&P 500, but can the lagging small caps do the same?
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
The EFA (EAFE Index / I-fund) closed above the 50-day EMA for a second straight day and it is now at the top of the November trading range. It hasn't close above the 50-day EMA for three straight days since July.
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
Here is the historical performance surrounding Thanksgiving Day. The day before and the day after have been consistently strong, while the Monday after the weekend tends to be one of the weaker days of the year. Today is day (-2).
Chart provided courtesy of www.sentimentrader.com, analysis by TSP Talk
The AGG (Bonds / F-fund) was up slightly but remains in a tight range just above the 50-day and 20-day EMAs.
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
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