Possibly reversal day
by
, 06-09-2014 at 10:05 PM (1638 Views)
Stocks were higher on Monday, but most indices closed off their highs, enough that there's a possible negative reversal day visible on the charts. The Dow closed up 19-points and small caps led the way again.
I am still out of town without my usual setup so thanks for you patience if the commentaries are brief or if you've had to wait a little longer for me to respond to any issues. Thanks.
The SPY (S&P 500 / C-fund) made a new high yesterday and has been moving practically straight up for weeks so there is fear of a pullback or at the least some consolidation. The reversal day might indicate that today's action could see some weakness.
Daily TSP Funds Return
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
The Wilshire 4500 may be backing off from a reversal day and a double top. Not a major concern, but possible short-term weakness.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
The Transportation index also reversed near some rising resistance. Again, could just be time for a healthy pause.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
Bonds were down slightly yesterday and the AGG is trying to hang onto that old resistance line - turned support. That's not a great looking formation, and bonds may need to see a pullback in stocks to keep them above that support.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
Read more in today's TSP Talk Plus Report. We post more charts, indicators and analysis, plus discuss the Sentiment Survey Results and its TSP and ETF Systems. For more information on how to gain access and a list of the benefits of being a subscriber, please go to: www.tsptalk.com/plus.php
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.