A nice bounce, but a close near the lows
by
, 08-24-2016 at 01:30 AM (1110 Views)
The good news for stocks is we saw gains in most indices with small caps and I-fund leading the way. The bad news is they opened strongly but closed near the lows of the day. The Dow added 18-points while the S&P gained 0.20% and small caps picked up 0.57%, which compared to recent activity is a pretty big day.
Daily TSP Funds Return
Bonds were flat as the long flag formation continues to grow.
Reminder: I am taking a few days off this week and will be making commentaries brief, and thankfully, the market has cooperated by remaining in a tight range with low volatility. The SPY (S&P 500 / C-Fund) made a new intraday high but backed off by the close and only made its 2nd highest close. But the gap up was filled already and it's possible that the prior high could try to hold as resistance, although the 20-day EMA is close enough for another test if the bears want to try to make another attempt to push this lower after the negative reversal day.
Unlike the S&P, the DWCPF (S-Fund) did close at a new all-time high.
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Thanks for reading. We'll see you back here tomorrow.
Tom Crowley
Posted daily at TSP Talk - Market Commentary
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