Stock Market
Market Outlook
On Friday the popular stock market averages continued to the upside. The Dow Jones Industrial Average, Nasdaq Composite and S&P 500 attained all-time intraday and closing highs. The yield from 10-yr treasury notes rose a bit. Next week will be heavy with second quarter corporate earnings reports.
Above is my three-month chart for the S&P 500 ETF (SPY). The SPY soared to all-time intraday and closing highs on May 7, before a drop. Its 50-day simple moving average again provided support on May 12. Then a stall which preceded a bounce up from that SMA on May 19, leading to an all-time intraday high on June 16.
After that came a brief dip below the 50-day SMA before a rebound on June 21 and general continuation toward an all-time intraday high on July 14. After another dip, that SMA proved supportive on Monday, leading to all-time intraday and closing highs on Friday.
Above is my three-month chart for the S&P 500 ETF (SPY). The SPY soared to all-time intraday and closing highs on May 7, before a drop. Its 50-day simple moving average again provided support on May 12. Then a stall which preceded a bounce up from that SMA on May 19, leading to an all-time intraday high on June 16.
After that came a brief dip below the 50-day SMA before a rebound on June 21 and general continuation toward an all-time intraday high on July 14. After another dip, that SMA proved supportive on Monday, leading to all-time intraday and closing highs on Friday.
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