Stocks slipped on Thursday as investors took some profits to end the first quarter. The losses were minor with the Dow losing 32-points, the S&P shedding 4, while the small caps actually had a decent day. The international markets lagged and bonds were up sharply.
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This morning (Friday) we get the March jobs report and estimates are looking for a gain of 200,000 jobs, and an unemployment rate of 4.9%. The Jobs Report Contest winner will be announced here.
It may not be significant, but with about an hour or so to go in Japan's trading day, the Nikkei is down 540-points or 3.2%. I drew in the new intraday bar in this chart to show the damage.
The SPY (S&P 500 / C-Fund) dipped slightly yesterday and filled that tiny open gap from Wednesday's opening but remains in the rising trading channel. It is positive for the year and the bulls seem to be in charge, but the indicators show the indices are getting quite overbought and may be due for some kind of a pullback.
The S&P 500 still exhibits the head and shoulders pattern which is currently testing the head.
Head test of the head and shoulders pattern:
The DWCPF (Dow Completion Index / Small Caps) led the way yesterday but again failed at the 200-day EMA. It looks like an "F" pattern and they do tend to breakdown, although they can stay within the "F" for a while. That 1000 area has a double dose of resistance although the channel is rising.
The EFA (EAFE Index / I-fund) pulled back to fill its open gap. It is also struggling to get above the 200-day EMA, and this one has also broken below its trading channel. The 50-day EMA is the key support now.
That is bullish for the AGG (Bonds / F-fund) and yesterday we saw a strong rally. This was helped by Yellen's hinting at no more rate hikes this year, although the technical picture saw it coming before Yellen said anything.
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 a great weekend!
Tom Crowley
Posted daily at www.tsptalk.com/comments.php
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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This morning (Friday) we get the March jobs report and estimates are looking for a gain of 200,000 jobs, and an unemployment rate of 4.9%. The Jobs Report Contest winner will be announced here.
It may not be significant, but with about an hour or so to go in Japan's trading day, the Nikkei is down 540-points or 3.2%. I drew in the new intraday bar in this chart to show the damage.
The SPY (S&P 500 / C-Fund) dipped slightly yesterday and filled that tiny open gap from Wednesday's opening but remains in the rising trading channel. It is positive for the year and the bulls seem to be in charge, but the indicators show the indices are getting quite overbought and may be due for some kind of a pullback.
The S&P 500 still exhibits the head and shoulders pattern which is currently testing the head.
Head test of the head and shoulders pattern:
The DWCPF (Dow Completion Index / Small Caps) led the way yesterday but again failed at the 200-day EMA. It looks like an "F" pattern and they do tend to breakdown, although they can stay within the "F" for a while. That 1000 area has a double dose of resistance although the channel is rising.
The EFA (EAFE Index / I-fund) pulled back to fill its open gap. It is also struggling to get above the 200-day EMA, and this one has also broken below its trading channel. The 50-day EMA is the key support now.
That is bullish for the AGG (Bonds / F-fund) and yesterday we saw a strong rally. This was helped by Yellen's hinting at no more rate hikes this year, although the technical picture saw it coming before Yellen said anything.
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 a great weekend!
Tom Crowley
Posted daily at www.tsptalk.com/comments.php
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.
