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The swings continue

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The market has been a little confused lately with big intraday swings the last few days. The nearly 200-point decline on Thursday morning was followed by a strong afternoon rally that recouped most of those losses, but the indices did close with modest losses. The Dow gave up 63-points while small caps lagged with a 0.53% decline.

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I have been travelling all Thursday evening so I am going to make this quick today.


The SPY (S&P 500 / C-fund) tanked early, hit the 20-day EMA and the rising support line, and reversed direction turning big losses into a modest decline. That was a big positive reversal day but the bull flag remains intact and now it could either reverse down toward the bottom of the flag - or breakout. The support looked good but it usually does on the first test.




I posted this in the "Plus" report yesterday so it is a day old and does not include Thursday, but I added the flag formation. The comparison is quite similar between the post Brexit vote and the post Election action. If the comparison continues the sideways consolidation may continue for a while. I have to admit that the positive reversal day makes it appear that a break to the upside is very possible, but some of our indicators don't quite agree with that just yet.




Read more in today's TSP Talk Plus Report. We post more charts, indicators and analysis, plus discuss the allocations of the 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. Have a great Martin Luther King, Jr. holiday weekend!

Per tsp.gov: Some financial markets will be closed on Monday, January 16th in observance of the Martin Luther King, Jr. holiday. The Thrift Savings Plan will also be closed. Transactions that would have been processed Monday night (January 16th) will be processed Tuesday night (January 17th), at Tuesday's closing share prices.
Tom Crowley


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