After a weather related shortened week, stocks saw some modest gains with TSP fund strength coming from the S and I funds. However, momentum may have turned bearish with Friday seeing 1% losses after Thursday’s big gains.
On Friday, the October jobs report came in with a gain of 171,000 jobs, better than the 125,000 that was expected, but the the unemployment rate ticked up to 7.9%. Investors initially bought that news in early Friday trading, but stocks steadily sold off during the rest of day.
Here are the TSP fund returns for the week of October 29 through November 2:
And if you missed it, here are the final monthly numbers for October:
After Thursday’s big rally, the S&P 500 tested the important 1425 – 1430 area, which has acted as support and resistance going back to April. Unfortunately for the bulls, it is now trading below that level, and after the rising trend broke (blue), it could take a some kind of an event to buck what could be a new downtrend. Of course the election could be such an event and I think investors just want to see it behind us so they can move on and make their longer-term plans.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
The TSP Talk Sentiment Survey System moved to a sell signal for next week after the 60% bulls, 30% bears, 2.00 to 1 bulls to bears ratio.
Good luck, and thanks for reading. We will be back after the weekend with a full market commentary.
Weekly Wrap-Ups Archive
Facebook | Twitter
The legal stuff: This information is for educational purposes only! This is not advice or are commendation. We do not give investment advice. Do not act on this data. Do not buy, sell or trade the funds mentioned herein based on this information. We may trade these funds differently than discussed above. We use additional methods and strategies to determine fund positions.
Leave a Reply
You must be logged in to post a comment.