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On Friday the popular averages slipped back to the downside. Broadcom (AVGO -5.6%) led the semiconductor stocks lower. It reduced its outlook due to the trade war with China.

   Above is our three-month chart of the S&P 500 exchange traded fund (SPY). On April 1st the SPY’s 50-day MA pushed above its 200-day MA, a welcome technical signal. However during the early days of last month, Trump fanned the flames of a trade war, inspiring some investors to heed the long established advice to sell in May.

   The May dive was interrupted for a few days during mid-month before crashing to a bottom on June 3. During May both the 50 and 200-day moving averages of the SPY were punctured. Then the early June rally pushed the SPY back above both of them. However the intra-day reversal on Tuesday may have suggested a need for caution. For the rest of the week the 50-day MA provided support amid choppy trading. We’ll want to see if a more directional trend develops next next week.

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Market Outlook

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© Curt Renz

  Stock Market Update

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.

Updated following  each market day

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