I've learned more this year then the previous two because of the mistakes I've made. It's not fun to be in the bottom of the tracker, but at least I know why I'm at the bottom. If I had been simply watching and throwing out IFTs, I might not have taken the time to learn where I went wrong in the first place. This is why blogging has been good for me
I have enjoyed the vacation from blogging, especially knowing I can spend 20 minutes a day here at TSPTalk and still maintain a grip on the market's reality. We are lucky to have such a diversified group of investors, all with the same interest in the GFCSI funds. While other investing forums are great, they have different options and goals, that's why I believe when it comes to the TSP focus, this is the best place to be.
Now to the charts...
For the recent price action I wanted to point out that we are trading at the high end of the bollinger bands on the daily charts.
On the weekly $SPX chart we've been watching the 1015 38.2% Fibonacci area because we knew it would be a pivotal area for the Bulls and Bears to do battle.
We've spent the last 6 weeks at, below, or above 1015. The last 4 weeks have been at or above 1015, and this is the 2nd of 3 weeks we've had a solid open and close above 1015.
From 1015 to 1231 there isn't a lot of price action, so it is feasible we could have little resistance until we test the 61.8% Fibonacci retracement.
Now when it comes to the Dow Jones Transportation Index ($Tran) I don't profess to know the intimate details of how this Index works. I watch this chart, because it's a leading indicator and because people smarter then me tell me I should.
So let me point out something that might prove to be important. $Tran spent the previous 5 weeks testing the 50% Fibonacci area. This is the 1st week we broke through and closed above that area.
As for our fallen friend the Dollar, this week we broke through previous support at 78. The previous 5 weeks were spent testing that area, and we've now closed below the 61,8% Fibonacci retracement.
Lastly, here we have a weekly $SPXA50 which represents the number of S&P 500 stocks above their 50 day moving average. This is sort of a weird chart in that the movements are not necessarily indicative of the S&P 500s price action.
The last 8 weeks have seen us in a tight range, similar to the previews swing high peak. It almost looks as if we could be setting up to form a M pattern. While I don't give this chart a lot of weight, I will be watching it closely. A break below 375 could indicate a change in trend direction.
I hope you enjoy the rest of your weekend as I am, cheers... JTH
I have enjoyed the vacation from blogging, especially knowing I can spend 20 minutes a day here at TSPTalk and still maintain a grip on the market's reality. We are lucky to have such a diversified group of investors, all with the same interest in the GFCSI funds. While other investing forums are great, they have different options and goals, that's why I believe when it comes to the TSP focus, this is the best place to be.
Now to the charts...
For the recent price action I wanted to point out that we are trading at the high end of the bollinger bands on the daily charts.
On the weekly $SPX chart we've been watching the 1015 38.2% Fibonacci area because we knew it would be a pivotal area for the Bulls and Bears to do battle.
We've spent the last 6 weeks at, below, or above 1015. The last 4 weeks have been at or above 1015, and this is the 2nd of 3 weeks we've had a solid open and close above 1015.
From 1015 to 1231 there isn't a lot of price action, so it is feasible we could have little resistance until we test the 61.8% Fibonacci retracement.
Now when it comes to the Dow Jones Transportation Index ($Tran) I don't profess to know the intimate details of how this Index works. I watch this chart, because it's a leading indicator and because people smarter then me tell me I should.
So let me point out something that might prove to be important. $Tran spent the previous 5 weeks testing the 50% Fibonacci area. This is the 1st week we broke through and closed above that area.
As for our fallen friend the Dollar, this week we broke through previous support at 78. The previous 5 weeks were spent testing that area, and we've now closed below the 61,8% Fibonacci retracement.
Lastly, here we have a weekly $SPXA50 which represents the number of S&P 500 stocks above their 50 day moving average. This is sort of a weird chart in that the movements are not necessarily indicative of the S&P 500s price action.
The last 8 weeks have seen us in a tight range, similar to the previews swing high peak. It almost looks as if we could be setting up to form a M pattern. While I don't give this chart a lot of weight, I will be watching it closely. A break below 375 could indicate a change in trend direction.
I hope you enjoy the rest of your weekend as I am, cheers... JTH
