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Holding

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Stocks opened higher on Tuesday and the bears made an attempt to sell the rally, but the bulls were able to win this battle as the Dow ended the day up 91-points. The Nasdaq and small caps lagged once again, and the I-fund had a strong day.

Daily TSP Funds Return
The SPY (S&P 500 / C-fund) remained above a couple of key levels - the 20-day EMA and the neckline of the inverted head and shoulders we have been watching. There is rising resistance overhead which stopped a rally last week, and it now stands out like a sore thumb and might be a major pivot point if we do not see the S&P challenge this high in the near future.


Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk


The small caps of the Russell 2000 were not able to close with a gain but it is trying to stay above the 50-day EMA during this most recent pullback. The 116 area looks like an important level for this index.


Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk


The Nasdaq has been lagging and only managed a 0.2% gain yesterday - less than half of what the Dow and S&P 500 were able to do. The 50-day EMA failed intraday for a second straight day, but for a second straight day it was able to climb back above it before the close.


Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk


The Transportation Index doesn't look bad right now. It's in a rising trading channel, above the 20-day EMA, and seems to be finding support at the bottom of that old open gap. The 133 - 134 area is key on this Tranny ETF.


Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk


Bonds remain in a fairly tight trading range and these ETFs are still looking for a direction to break. No guesses from me yet.


Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk



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Thanks for reading! We'll see you back here tomorrow.

Tom Crowley


Posted daily at TSP Talk Market Commentary

The legal stuff: This information is for educational purposes only! This is not advice or a recommendation. We do not give investment advice. Do not act on this data. Do not buy, sell or trade the funds mentioned herein based on this information. We may trade these funds differently than discussed above. We use additional methods and strategies to determine fund positions.

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Comments

  1. bmneveu's Avatar
    EFA was up +1.09%, but the I Fund only added +0.85%. This could be due to a FV adjustment, which would mean we'll get compensated today with about +0.2%~

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