The popular averages hovered in narrow ranges amid thin trading volume to close narrowly mixed on Friday before a three-day weekend. Nevertheless, the Nasdaq Composite and S&P 500 achieved all-time closing highs. The first quarter GDP estimate was revised upward. Durable goods orders declined in April. Consumer sentiment has slightly softened this month. Meanwhile the prices of crude oil and gold rose on Friday.

   Above is my 3-month chart of the S&P 500 exchange traded fund (SPY). The uptrend picked up significantly as February began, which eventually led to a number of record closes including March 1 before a correction commenced. The SPY 50-day-moving average provided support in late March before briefly giving way intraday on March 27. It gave way again in early April. Then it closed nicely above both the 50-day MA on April 24, and held rather steady until jumping to near its record closing price on May 5 and achieving a new one on May 15.

   The panic selling on May 17 apparently due to political rather than business concerns resulted in the SPY falling through its 50-day MA. On May 18 cooler heads seemed to prevail as the SPY first leapt back to the 50-day MA with follow-through. The gap created between the May 17 low and the May 18 high was filled on Monday. An all-time closing high was achieved on Wednesday followed by record intraday and closing highs on Thursday.

Updated following  each market day

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© Curt Renz

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August 16, 1994

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