Stocks opened lower on Monday last week but quickly stabilized, and the indices spent the rest of the week recovering with some eventually making new highs. The November jobs report came in better than expected on Friday with 321,000 new jobs being added and that temporarily propelled the market higher, but it faded during the second half of day suggesting some “sell the news” profit taking may have kicked in.
Here are the weekly, monthly, and annual TSP fund returns for the week ending December 5:
The SPY (S&P 500 / C-fund) closed near all-times highs and continues to hug the rising resistance line.
The Wilshire 4500 (S-fund) has been flirting with new highs but remains just below some key resistance. It looks like it will get another shot at breaking out to new highs this coming week.
The EFA (I-fund) has been trading in the narrow range between 50 and 200-day EMAs for a couple of weeks now. Something is going to have to give, and which way it breaks could be very telling for the next 5% plus move in the I-fund.
Monday is the 6th trading day in December, and while December is a very good month historically, there is generally a lull for the next couple of weeks leading up to Christmas week.
The AGG (Bonds / F-fund) made a lower high last week, but it is tough to make that call since we actually saw higher closing prices on the AGG last week than we saw back at the October highs. Those big black bars are all negative reversal days that closed much lower than their intraday highs. It is testing some key support now between about 109.15 and 109.60 and whether that holds will give us the story next week.
Good luck and thanks for reading! We will be back here next week with another TSP Wrap Up. You can read our daily market commentary at http://www.tsptalk.com/comments.php. If you need more help deciding what to do with your account, perhaps one of our premium services can help.
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