TSP Talk Blog
A pause
by , 03-12-2013 at 09:46 PM (1479 Views)
3/13/13
The Dow was able to close in positive territory yesterday for an 8th straight day, and every day this month, but it was mostly a flat to slightly down day for the broader indices. The Dow gained 3-points, while the S&P 500, Nasdaq, Russell and Transports all closed lower.
The S&P 500 saw its first negative close after 7 consecutive positive days. No harm, no foul yet although there is a possible flat top forming, but it's way to early to say this is anything more than a pause.
Daily TSP Funds Return
G-Fund: +0.0043% F-fund: +0.14% C-fund: -0.24% S-fund: -0.17% I-fund: +0.01%
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
The intermediate-term chart shows potential resistance here near 1550, and if you compare the current action (blue box)...
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
... to the market from a year ago, we are seeing similarities that led to an eventual top before a correction. But as we have said for weeks now - tops take a while to form and bull markets don't stop on a dime.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
The small caps of the Russell 2000 have now made a 3 day flat top - possible short-term trouble.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
The indicators are mostly overbought after two weeks of gains, and we are seeing the dumb money show some signs of bullishness while the smart money is starting to show signs of going into defensive mode. Nothing extreme yet in either case.
Thanks for reading! We'll see you back here tomorrow.
Tom Crowley
Posted daily at TSP Talk Market Commentary
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