Stocks chopped around in a tight range on Thursday, in front of Friday's jobs report. The Dow lost 3-points and most of the major indices were close to flat, although the I-fund got a little bump from the late rally in U.S. stocks on Wednesday.
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The July Jobs Report comes out this morning (Friday morning) and the consensus estimates are looking for a gain of 185,000 jobs and an unemployment rate of 4.8%. The Jobs Report Contest winner will be announced in the forum. Click here for more info.
The S&P 500 (C-Fund) remains in the flag formation having survived one intraday breakdown, maybe two, and also one failed breakout to the upside so it sits in its tight range. Today's jobs report may be the catalyst to break that channel.
The DWCPF (S-fund) ran up to the bottom of it F-flag and is finding a little resistance. That's typical after a breakdown. It is still in an uptrend and above all 3 of the major moving averages, so that breakdown was too bad for the technical picture.
The EFA (I-fund) bounced off the 200-day EMA and the top of its bull flag, which is bullish technical action.
The price of oil has been rebounding after its sharp decline in July. It could be a dead-cat bounce and there is a lot of overhead resistance, but it could also just be at the bottom of a trading range between about $40 and $50 a barrel.
The AGG (Bonds / F-fund) rallied on Thursday opening a small gap along the way. We may be seeing a pennant formation forming and we'll have to await the direction of that breakout, but there is a bullish bias to this formation.
Read more in today's TSP Talk Plus Report. We post more charts, indicators and analysis, plus discuss the allocations of the TSP and ETF Systems. For more information on how to gain access and a list of the benefits of being a subscriber, please go to: www.tsptalk.com/plus.php
Thanks for reading. Have 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.
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Today's commentary will be brief since not much has been going on and all eyes will be on Friday's jobs report. The July Jobs Report comes out this morning (Friday morning) and the consensus estimates are looking for a gain of 185,000 jobs and an unemployment rate of 4.8%. The Jobs Report Contest winner will be announced in the forum. Click here for more info.
The S&P 500 (C-Fund) remains in the flag formation having survived one intraday breakdown, maybe two, and also one failed breakout to the upside so it sits in its tight range. Today's jobs report may be the catalyst to break that channel.
The DWCPF (S-fund) ran up to the bottom of it F-flag and is finding a little resistance. That's typical after a breakdown. It is still in an uptrend and above all 3 of the major moving averages, so that breakdown was too bad for the technical picture.
The EFA (I-fund) bounced off the 200-day EMA and the top of its bull flag, which is bullish technical action.
The price of oil has been rebounding after its sharp decline in July. It could be a dead-cat bounce and there is a lot of overhead resistance, but it could also just be at the bottom of a trading range between about $40 and $50 a barrel.
The AGG (Bonds / F-fund) rallied on Thursday opening a small gap along the way. We may be seeing a pennant formation forming and we'll have to await the direction of that breakout, but there is a bullish bias to this formation.
Read more in today's TSP Talk Plus Report. We post more charts, indicators and analysis, plus discuss the allocations of the TSP and ETF Systems. For more information on how to gain access and a list of the benefits of being a subscriber, please go to: www.tsptalk.com/plus.php
Thanks for reading. Have 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.
