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Stocks dipped again yesterday as the Dow dropped 100-points and the C, S, and I-funds lost 1%, 0.75%, and 1.3% respectively. Isn't Santa supposed to be coming to town? The strong seasonality actually begins today, so we'll give him another chance.
The S&P 500 is actually acting "normally" considering the abnormal season period. The rising wedge broke down after a fake out breakout to the upside of the descending trading channel. Normal. Once the wedge broke, it fell back
Stocks drifted down most of the day, but a late spike higher kept things under control. The Dow dropped "just" 60-points, but this time the S&P 500 and small caps were the laggards.
The C and S funds were hit hard dropping 1.8% and 2.4% respectively, while the I-fund, with the help of more weakness in the dollar, lost just 0.45%.
The S&P 500 finally gave a convincing break to the downside
Stocks rallied sharply after the announcement of the auto bailout on Friday, as the Dow moved up about 200-points, but just like we saw after the financial bailout, the gains were quickly given back and the Dow finished down 25-points.
The S&P 500 and small caps did manage to hang on to some gains with the C and S funds moving up 0.25% and 0.92% respectively. The I fund dropped about a percent as the dollar rebounded from its recent precipitous drop.
Stocks struggled all day but things really fell apart after Standard and Poors (S&P) revised their outlook on GE's credit rating from stable to negative. The TSP funds dropped 2% to 3% with the I-fund taking the largest hit after the dollar rallied 1.5%.
The S&P 500 broke through the lower end of the rising wedge pattern mid-day, but did squeeze back in by the close. The bears would say that it is now on the precipice of a potential sell-off if the S&P does break, but the
Stocks pulled back a bit yesterday after Tuesday's big rally. No big surprises. Volume was light, seasonality strength is still holding, but the charts are looking for something to break.
I am running late tonight (it's Wednesday night as I write) so rather than speculate, spew conjecture, and make predictions, I am just going to show you some charts that are making the headlines.
The S&P 500 remains in the rising wedge pattern, has resistance above and support below.