TSP Talk Blog

Stocks opened lower on Monday, but did a pretty good job of hanging on and closing off their lows. The Dow lost 34-points on the day, the S&P was basically flat, but the small caps and international stocks struggled a little more.

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The dollar was flat but it was up when the European markets were closing, and since the U.S. indices were near their lows in morning trading, the I-fund will probably get a little payback with tonight's prices.

The SPY (S&P 500) and many other indices posted a positive reversal day closing well of their lows, near the highs of the day, and above the opening price. That should be a recipe for some strength at some point today. The open gap has not really been tested yet, but it's likely just a matter of time. Unfortunately, it is now below the rising trading channel.


Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk

The small caps of the Russell 2000 struggled yesterday but closed off the lows and may be creating a bull flag. The problem is the overhead resistance and the rising wedge pattern, which is bearish.


Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk

The Nasdaq 100 (QQQ) came very close to filling its open gap before rebounding and closing in positive territory yesterday. Again, this is bullish short-term activity. The rising wedge actually broke this morning, and that got my attention, but it did manage to close back inside the wedge.


Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk


Bonds were flat and remains in a sideways trading range and we're just looking to see which way they want to break.


Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk

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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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