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The popular averages finished mixed on Friday, the Triple Witching quarterly expiration of stock index futures & options and individual stock options. The Dow Jones Industrial Average again attained all-time intraday and closing highs, while the S&P 500 again reached an all-time intraday high but closed a bit down. The Markit manufacturing and services flash indices point toward continued improvement. 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). Successful tests earlier this year of the SPY’s 200-day moving average indicated it was going through more of a grinding correction than a collapse.

The SPY drop in June seemed to have been due to trade war fears. The upward trend during much of July and August apparently ignored those concerns.

Slippage by the SPY during the autumn is rather common, especially when moving toward mid-term elections in which members of Congress allied with a Republican president are viewed as vulnerable.

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