Stocks had a little bit of something for everyone last week with gaps up, gaps down, and some very low volume flat days, but by the end of the week the S&P was flat losing just 12 cents or 0.01%.
Here are the weekly, monthly, and annual TSP fund returns through Friday, July 25...
The small caps were the losers and the I-fund led the way, despite a move higher in the U.S. dollar.
The SPY (S&P 500) was down on Friday, giving back the gains from earlier in the week, but it remains in a steady rising trading channel. There's some wiggle room on each side within the trading channel so we'll have to see if this week will bring another test of the bottom of the range, or if stocks want to continue their bullish ways. Buying 2 to 3 day dips has paid off this summer, and as long as the trading channel remains intact that should stay the case, but eventually that channel will break so don't get too complacent.
Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
[FONT=Arial !important]The Wilshire 4500 (S-fund) fell back down to the 50-day EMA and this is a big test for the index. It has lagged badly and a break below the 50 EMA may confirm a lower high and real downtrend.
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Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
[FONT=Arial !important]The EFA (I-fund) didn't have a bad week last week, but this flag-like formation looks a little ominous. I guess it could break either way, but it has already fallen through a longer-term support line so I'm leaning toward more downside.
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Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
[FONT=Arial !important]The AGG (Bonds / F-fund) have been holding in a sideways trading range for a couple of months with one failed breakout attempt last week. This doesn't look like a bad chart, but if it can't breakout to the upside, there is a lot of room on the downside to test the bottom of the range.
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Chart provided courtesy of www.stockcharts.com, analysis by TSP Talk
Good luck, and thanks for reading. We will be back here next week with another TSP Wrap Up. You can read our daily market commentary at TSP Talk Market Commentary.
Tom Crowley
www.tsptalk.com
Weekly Wrap-Ups Archive
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