It was quite the battle between bulls and bears this week. Intraday choppy action was a consecutive theme but the with the sell-off of oil on their side the bears came out on top. The recent selling in the oil market has dragged energy stocks down along with it effecting markets around the globe. Buyers pushed Thursday to keep weekly losses to minimum but after stocks opened down Friday morning there was no response by the bulls and the damage was done across the board.
All the TSP stocks funds were neck deep in negative territory this week while the F-fund picked up modest gains as investors retreated from stocks.
Next week will be interesting as the Fed will announce their decision on interest rates which will inevitably be a catalyst for the market in either direction.
Here are the weekly, monthly, and annual TSP fund returns for the week ending November 11th:
Both the 200-day and 50-day EMA’s failed as support for SPY (S&P 500 / C-fund) this week. The S&P 500 broke below the November lows Friday but closed just under the support line. A gap was opened at Friday’s open so the tendency for the open gaps to be filled will be in favor for support to hold going into next week. The C-fund was down 3.74% this week and is now back in negative territory for the year down 0.21%
The Dow Completion Index (S-fund) lagged this week and was down 4.46%. The Index did fall below the November lows and filled the open gap from October. But an open gap is now lingering above right at the old support line which will be tested as resistance in pursuit to fill the gap.
Oil fell below the August lows this week and then continued falling near the lows of early 2009. The slow down of China’s economy has lessened the demand for oil as supply keeps increasing and this has been felt in the global economy.
EFA (EAFE Index / I-fund) was down 4% this week and actually gaped below the open gap from October. The top of the open gap held as support in November so will the bottom act as resistance? It is an interesting situation but things are not looking to good for this index as of now.
AGG (Bonds / F-fund) led the TSP funds as stocks plummeted this week. The open gap above seemed to hold as resistance intraday on Friday and bonds now sit at old support. The F-fund was up 0.48% this 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 the Market Comments page. If you need more help deciding what to do with your account, perhaps one of our Premium Services can help.
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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.
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