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Today's Commentary

Follow-through Stocks followed through on Tuesday's turnaround by rallying nicely on Wednesday.  The Dow gained 81-points on the day and we saw some technical improvements in the charts. For the TSP, the C-fund was up 0.90% yesterday, the S-fund gained 1.54%, the I-fund picked up 0.97%, and the F-fund (bonds) fell 0.22%.  The S&P 500 remained above the 50-day EMA and recaptured the 20-day EMA.  It is also back above the neckline of the inverted head and shoulders pattern.  There is still some weak resistance in the newly formed short-term descending trading channel.  It looks like we will need to see about 1345+ to get above it.                                                  Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk As we mentioned, the open gap does remain partially open and could still be a target should things reverse back down, but Tuesday's test was a pretty bullish sign.  The pullback in the Nasdaq put a much bigger dent in its open gap and this could be the confirmation that the test passed.                                                  Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk The Dow Transportation Index had a big day at +1.6%, and is above one resistance level but is now testing the the old support line which could now act as resistance.  But even if it does not get back above that red line, the resistance is rising so the Transports could continue higher despite the resistance.                                                  Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk The dollar has now come back down to test the 50-day EMA and while it does look "toppy" this could just be a minor pullback in a new uptrend.  This is one we'll have to watch.  If we could see the stock market and the dollar move higher together, we may have something.                                                    Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk A reversal on Tuesday and follow-through upside action on Wednesday is a great start to a possible short-term bottoming formation, but volume has been rather light and we'll want to see buyers continue to step up.  Thanks for reading!  We'll see you back here tomorrow.   Click here to discuss today's Market Commentary Tom Crowley

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