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Mixed Monday, but Google could shake things up

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It was a rather slow summer trading day on Monday with early weakness, a midday comeback, and more selling late that saw the indices close mixed. The Dow lagged losing 0.31% on the day while the Nasdaq led, the S&P was down slightly, and small caps closed with modest gains.
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After the bell Alphabet (GOOG) was down after they delivered their earnings report, and the 3% decline may put some pressure on the tech stocks today, although that has been a tough thing for the bears to do lately as we saw new highs again on Monday.

There is a two-day FOMC meeting this week which concludes on Wednesday. There is no expectations of a rate hike, but the policy statement might give investors clues for the coming meetings and what they may be planning next.


The SPY (S&P 500 / C-fund) was flat but remains resilient despite some good technical reasons to pull back, including the open gaps which normally tend to fill rather quickly. The short-term rising trading channel is now broken but the larger channel continues to move upward. That trend would remain up even if the SPY fell all the way to 243, filling those gaps, and testing the lower support line and the 50-day EMA. That would be a 2% decline from current levels.




The DWCPF (S-fund) did not fade in late trading like the large caps and instead closed near the highs of the day and remains above that old resistance line, which is now acting as support.




The Dow Transportation Index was down for a 6th straight day and is again testing the 50-day EMA, after breaking below its rising support line last week.




The
EFA (EAFE Index / I-fund) slipped back on Monday but closed off the lows and managed to close above the June high as it tries to hold as support.




The AGG (bonds / F-fund) pulled back slightly from the old highs and is sitting in that old open gap. I was looking at a chart of the financials (XLF) and it looks like that chart wants to breakout to the upside, so if it does I would assume it would be because bonds would be falling as yields rise. That would usually be a positive catalyst for the financial stocks. Perhaps the Fed will say something this week to ignite that.




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. We'll see you back here tomorrow.

Tom Crowley


Posted daily at www.tsptalk.com/comments.php


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S&P500 (C Fund) (delayed)

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DWCPF (S Fund) (delayed)

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EFA (I Fund) (delayed)

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BND (F Fund) (delayed)

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