On Friday the popular averages finished to the upside. Trading volume increased as October options were expiring. The Dow Jones Industrial Average, Nasdaq Composite and S&P 500 attained all-time closing highs. This after the US Senate passed a budget resolution. The number of used homes sold slightly increased in September. Meanwhile the price of crude oil rose while that for gold fell on Friday.

   Above is my 3-month chart of the S&P 500 exchange traded fund (SPY). Its price achieved record closing highs on July 14, 19, 20, 25, 26 & August 7. However, the dips under the 50-day MA on August 10 & 17 turned me cautious.

   The SPY’s hop above its 50-day MA on August 27 restored all of my outlook arrows to green. The recent string of record closing highs including Friday has been encouraging.

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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