S&P 500 trading near record highs with potential for bullish breakout above 3025 resistance
C and I funds closed at record highs Friday, maintaining top performance rankings
Fed meeting and GDP report next week could impact market direction and TSP allocations
The S&P 500 briefly traded above its record high of 3025 Friday before closing just shy at 3022. It\'s been three months since our last record close and a lot has happened in the past quarter. The trade war escalated with China but now the U.S. Trade Representative said that the phase one trade deal is close to being finalized. Third quarter earnings came in from over 120 companies this past week and 78% have beaten expectations. Next week we have the Fed meeting announcement on interest rates and the Gross Domestic Product report on Wednesday, followed by Friday’s employment numbers. From a technical perspective, we have the opportunity for a “Bullish Breakout”. As mentioned above, the S&P 500’s last record high was three months ago on 26 July. Since that time the markets have traded in a flat channel between a 2840 support line and that 3025 resistance line. Breaking through and closing above that 3025 level would be significant and could hopefully be the precursor for another bullish run. For TSP TIPS, that bullish sentiment carried over to the C and I funds with both of them closing at record highs on Friday. Since those funds have the highest and almost equal performance rankings, we’ll stay put with our current allocation going into November. Lastly, Happy Halloween to all!!
The S&P 500 briefly traded above its record high of 3025 Friday before closing just shy at 3022. It\'s been three months since our last record close and a lot has happened in the past quarter. The trade war escalated with China but now the U.S. Trade Representative said that the phase one trade deal is close to being finalized. Third quarter earnings came in from over 120 companies this past week and 78% have beaten expectations. Next week we have the Fed meeting announcement on interest rates and the Gross Domestic Product report on Wednesday, followed by Friday’s employment numbers. From a technical perspective, we have the opportunity for a “Bullish Breakout”. As mentioned above, the S&P 500’s last record high was three months ago on 26 July. Since that time the markets have traded in a flat channel between a 2840 support line and that 3025 resistance line. Breaking through and closing above that 3025 level would be significant and could hopefully be the precursor for another bullish run. For TSP TIPS, that bullish sentiment carried over to the C and I funds with both of them closing at record highs on Friday. Since those funds have the highest and almost equal performance rankings, we’ll stay put with our current allocation going into November. Lastly, Happy Halloween to all!!