On Monday the popular averages again closed mixed, although this time it was the Nasdaq Composite that did relatively poorly. Durable goods orders fell in May, while the Chicago Fed national activity index turned negative. Meanwhile the price of crude oil rose while that for gold fell on Monday.

   Above is my 3-month chart of the S&P 500 exchange traded fund (SPY). Its 50-day-moving average provided support in late March before briefly giving way intraday on March 27. It surrendered again in early 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 and June 19.

Updated following  each market day

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© Curt Renz

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August 16, 1994

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