The popular averages finished narrowly mixed on Thursday. Nevertheless, the Nasdaq Composite was up for the tenth consecutive session and attained another all-time closing high. The June Leading Economic Indicators pointed to faster growth. The Philly Fed manufacturing index indicates continued improvement but at a slower pace. Unemployment claims lowered last week. Meanwhile the price of crude oil fell while that for gold rose on Thursday.


   Above is my 3-month chart of the S&P 500 exchange traded fund (SPY). Its 50-day-moving average was providing support until surrendering during the middle weeks of April. Then the SPY closed nicely above its 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 and then showed follow-through. The gap created between the May 17 low and the May 18 high was nicely filled on May 22. All-time closing highs were achieved on May 24, May 25, June 1, June 2, June 13, June 19, July 14, July 19 & July 20.


   The SPY’s 50-day moving average was penetrated on June 29, yet the price closed above and then moved a little higher the next three sessions. The SPY slipped back under the MA on July 6 before returning above on July 7 and jumping to record closing highs on July 14, 19 & 20. Looking good.

Updated following  each market day

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© Curt Renz

  Stock Market Update

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August 16, 1994


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