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Despite one of the tighter trading ranges we have seen in a while, it was still another wild ride on Wall Street as far as the indices resolving whether they wanted to be up or down on the day. The bulls won the battle and the Dow closed up 44-points.
As the title of today's blog suggests, what's been working of late is buying support and selling resistance, and today's follow through action to the upside reaffirmed that strategy as the broader market posted gains across the board, although the Nasdaq led the majors for the second day in a row.
There was no big news today (that I'm aware of), although Europe remains a potential catalyst for market moving headlines. But given the choppy
Stocks opened sharply lower yesterday, but the the Dow made several attempts to battle back and finally closed with a flurry, very reminiscent of what we saw last Tuesday when the Dow closed 200-points off of the low. The Dow closed up 69-points after being down about 180 earlier.
These kind of intra-day reversals tend to trigger at least a temporary
I had anticipated that Monday's trading would bring more selling pressure based on momentum turning down and BPCOMPQ drifting lower, and we did indeed gap lower at the open, but it didn't last long as the bulls and bears traded blows throughout the day with the broader market alternating between selling and buying pressure. But it was the last half hour of trade that would decide the day's outcome and the bulls won that battle handily as they turned the
Stocks sold off sharply on Friday as the Dow shed over 300-points on the day. The charts are rolling over again and a test of the lows seems inevitable... and imminent.
For the TSP, the C-fund lost 2.66% on Friday, the S-fund fell 2.80%, the I-fund dropped 3.15%, and the F-fund (bonds) gained 0.24%. For more on the weekly and monthly returns, please see our TSP Weekly Wrap-Up.