S&P 500 broke above key resistance level despite coronavirus hot spots and tech sector weakness
C and S funds remain above short-term moving averages with bullish upward trends continuing
Intel's 16% drop signals potential tech sector volatility that could impact C fund performance
This week coronavirus news dominated the news, with new cases hot spots increasing throughout the south and west. It was also tough in that many of our children will be experiencing a new virtual school year in a few weeks. Then again, we did see the return of Major League Baseball with Dr. Fauci throwing out the first pitch. On the diplomatic front, we traded consulate closures with the Chinese and earnings season continues with Intel shares losing over 16 percent on Friday after announcing delays in chip production. All told the S&P 500 closed the week at 3215 with a weaker technology sector weighing down the NASDAQ 100. For TSP TIPS, we finally saw that breakout of the S&P 500 above that resistance line and issued an Intraweek Reallocation Alert. Both the C and S fund’s prices are above their short-term moving averages (MA’s), and both those MA’s are trending upward demonstrating bullishness. As such, we’ll be maintaining our current allocation.
This week coronavirus news dominated the news, with new cases hot spots increasing throughout the south and west. It was also tough in that many of our children will be experiencing a new virtual school year in a few weeks. Then again, we did see the return of Major League Baseball with Dr. Fauci throwing out the first pitch. On the diplomatic front, we traded consulate closures with the Chinese and earnings season continues with Intel shares losing over 16 percent on Friday after announcing delays in chip production. All told the S&P 500 closed the week at 3215 with a weaker technology sector weighing down the NASDAQ 100. For TSP TIPS, we finally saw that breakout of the S&P 500 above that resistance line and issued an Intraweek Reallocation Alert. Both the C and S fund’s prices are above their short-term moving averages (MA’s), and both those MA’s are trending upward demonstrating bullishness. As such, we’ll be maintaining our current allocation.