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Stocks up again, but 1st weak close in a while

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Stocks were up but the bears did something they haven't been able to do in a while, which was to produce some selling into the close. No, it didn't stop the bulls from having another positive day as the Dow gained another 118-points, and except for the Nasdaq 100 Index (QQQ), we saw green in most of the indices despite the late weakness. But it's a a change.

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It was the FANG stocks that were being sold, for a change, and that weighed on the Nasdaq and particularly the QQQ (Nasdaq 100), but Cisco reported earnings after the bell and was trading higher, and that helped the QQQ move closer toward even in after hours trading.

Not that it was all that dramatic, but as I mentioned, the theme on Wall Street lately has been the bulls' ability to close the market strongly, no matter what the bears tried to throw at them during the day. Yesterday was slightly different, as you'll see in the S&P and Nasdaq intraday futures charts below, but of course one day does not a trend make. It's just worth noting for now.




So the bulls remain in control and momentum is on their side, but the bears finally poked their heads up a couple of times yesterday.



The S&P 500 / C-fund moved above the 200-day SMA yesterday while rising below that old rising support line from the broken channel. The bears put a little pressure on but the bulls did not relent, despite losing that final hour of trading for the first time in a while.




The DWCPF (small caps / S-fund) rallied again so the bulls keep making money here, but there's some issues near 1380.




The Dow Transportation Index is testing the very limits of the 200-day SMA and the descending resistance line.




The EFA (EAFE Index / I-fund) was flat after the dollar rallied sharply, holding it back again.




The High Yield Corporate Bond Fund was down on the day, which is interesting on a day stocks did rather well. It's near the highs so there's no major concerns here except for the negative divergence with stocks.




The AGG (Bonds / F-fund) was down on the day but found support at the rising support line.





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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)

(Stockcharts.com Real-time)
DWCPF (S Fund) (delayed)

(Stockcharts.com Real-time)
EFA (I Fund) (delayed)

(Stockcharts.com Real-time)
BND (F Fund) (delayed)

(Stockcharts.com Real-time)

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