The popular averages closed mixed on Friday. August retail sales showed strength almost entirely due to motor vehicles.
Above is my three-month chart for the S&P 500 ETF (SPY). After a steep decline in May, it rallied strongly for nearly two months to an all-time high. Then Mr. Trump escalated the trade war, and the SPY dropped hard into early August.
After that the SPY was buffeted about by the US president’s comments and reactions from the Chinese. Then the SPY nicely pierced its 50-day moving average to the upside on September 5th. After a few days of digestion, the upward trend appeared to be confirmed on Wednesday and Thursday.
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DISCLAIMER: Our commentaries are provided as general information and not investment recommendations. You are responsible for your own investment decisions. Our opinions are based on historical research and data believed to be reliable. There is no guarantee that results will be profitable. We are not responsible for errors or omissions. We may hold positions in vehicles that are mentioned.