Curt Renz Capital Resources

Stock Market

Market Outlook
On Monday the popular averages again closed to the upside. The Nasdaq Composite attained all-time intraday and closing highs.  Democratic congressional leaders met with senior administration officials in an attempt to find agreement regarding the next stimulus package. That's still on hold. Meanwhile, the pandemic continues as advice to remain especially cautious is often ignored.

  Above is my three-month chart for the S&P 500 ETF (SPY). In late April the SPY moved above its 50-day simple moving average and rallied until early June. Its 200-day SMA was surpassed in late May. That latter SMA was retouched several times in early June, then the SPY bounced nicely above before becoming quiet during mid-June.

   In late June the SPY closed under its 200-day SMA and not far above its 50 day SMA. That latter SMA was touched on June 27 before a jump back above the 200-day SMA with continuation during the remainder of that week.

   The SPY was choppy as June transitioned into July, but on July 9 the SPY's 50-day SMA crossed a whisker above the 200-day SMA followed by a nice price gain on July 10. The SPY was looking good the morning of July 13 before the news of California business closings. Nevertheless, the 50-day SMA moved further above the 200-day SMA and has continued to do so ever since.
traderof July 13 of
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